PNB (International) opens 6th branch in UK

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 to 35 per cent in its business during the current financial, Managing Director S R Sharma has said.

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

He said the bank plans to open another branch at Wolverhampton in future.

Tracing the 115-year-old history of Punjab National Bank and its journey from Lahore -- the capital of undivided Punjab before Partition -- to Wembley, Sharma said PNB has a customer base of around 60 million and a business worth Rs 5,00,000 crore in India.

The Bank has a presence in nine countries abroad, including the UK subsidiary.

High Commissioner 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 UK and also promote investment from the UK to India.

He also lauded the contribution of British Indians to the economy.

Harbhajan Singh, the Mayor of the London Borough of Brent and Brent North MP Barry Gardiner were the guests of honour at the inauguration.

Singh welcomed the bank to the borough of Brent and hoped it would work closely with the local community.

He assured support and cooperation to the bank for its operations.

Gardiner appreciated the role of the Indian community and Indian banks and how they are contributing to the development of Brent.

The event was attended by around 150 prominent British Indians and other local residents of London, heads of other Indian banks and financial institutions and representatives of local social and religious organisations.

Source: Financial Express