The Hindu Business Line : PNB gets licence for Hong Kong branch

New Delhi May 24 Punjab National Bank has received the licence for opening a full-fledged branch in Hong Kong, said the Chairman and Managing Director, Mr S.C. Gupta.

"We will be opening our Hong Kong branch before July 31," he added. PNB had recently operationalised its London subsidiary.

The country's third largest public sector bank by business also plans to open an offshore banking unit in Singapore this fiscal.

"We are at quite an advanced stage of preparing the application."

Meanwhile, Mr K. Raghuraman, Executive Director, told Business Line that PNB has placed a bid with the Pension Fund Regulatory and Devclopment Authority (PFRDA) for managing the pension fund accruals of the Central Government employees under the New Pension System (NPS).

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