Money & Banking

PNB opens 6th branch in UK

PTI London | Updated on February 15, 2011

Within four years of commencing operations in the UK, Punjab National Bank (International) Ltd has opened its sixth branch here and expects to chart a growth of 30-35 per cent in its business during the current financial, the Managing Director, Mr S.R. Sharma, has said.

Speaking at the Clay Oven banquet hall after the High Commissioner, Mr Nalin Surie, inaugurated the branch in Wembley, Mr Sharma said, “The bank has more than 22,000 customers and total business (customer deposits and advances) of nearly $1.20 billion.”

“The bank is expecting a growth of 30-35 per cent in its customer business during the current financial year, ending March 2011,” Mr Sharma added.

He said the bank plans to open another branch at Wolverhampton in future. The bank has a presence in nine countries abroad, including the UK subsidiary.

Mr Surie, who had inaugurated the fifth branch of PNBIL at Ilford in April, 2010, spoke about the Indo-British business partnership and how Indian banks are contributing toward the growth of the British economy and enhancement of bilateral trade.

He wanted Indian banks to help businesses in the UK and also promote investment from the UK to India. He also lauded the contribution of British Indians to the economy.

Published on February 15, 2011

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