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PNB starts banking operations in Hong Kong
New Delhi, February 01, 2008
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Punjab National Bank commenced its commercial banking
operations in Hong Kong. The Financial Secretary, Govt. of
Hong Kong (HKSAR) John C Tsang was the chief guest and Dr. K C
Chakrabarty, Chairman & Managing Director.PNB presided over
the function.
The Hong Kong branch is a full fledged banking branch of
Punjab National Bank and will be offering the full spectrum of
banking facilities, including checkable accounts, deposit
products, trade finance and loan syndication. This new branch
is critical to the bank's strategy of expanding its operations
overseas and meeting the banking needs of its main customers
who have opened offices in China and Hong Kong. |
Honorable
Mr. John C Tsang, Financial Secretary, Govt. of Hong Kong,
Dr. K.C. Chakrabarty, CMD, PNB and Shri L.D. Ralte,
Counsel General of India inaugurating the PNB Hong Kong
Branch. |
The establishment of a treasury function in the Hong Kong
branch will complement the existing London and India
treasuries so that Punjab National Bank can offer services
across all time zones.
In 2006, trade between China and India accounted for US$38
billion annually, and this figure is forecast to double by
2010. Speaking on this occasion K C Chakrabarty, Chairman and
Managing Director, Punjab National Bank said at the opening
ceremony, "Hong Kong is the bank's gateway to the Chinese
mainland. The trade between China and India has already
reached the figure of USD 38 billion.
During the recent visit of the Indian Prime Minister to China,
in a meeting with the Chinese Premier the target has been
revised to USD 60billion." This is because Hong Kong is the
only financial centre outside mainland China where Remninbi
transactions are permitted, and therefore most of this trade
is routed through Hong Kong.
Associate Director-General of Investment Promotion at Invest
Hong Kong, Charles Ng, welcomed this new investment. He said,
"Hong Kong is Asia's undisputed international financial
centre, with a well-regulated financial infrastructure and
simple and low taxation. Our unique free trade deal with
Mainland China allows Hong Kong-based companies of any
nationality to enjoy greater access to opportunities in
Mainland China. The opening of this new Hong Kong branch will
ensure that Punjab National Bank can continue to successfully
build its overseas business."
The Finance Secretary in his address congratulated Punjab
National Bank and conveyed his good wishes, he said "I am
delighted that the Bank has chosen Hong Kong as one of its
first overseas bridgeheads in its global expansion strategy.
It is a clear testament to this city's status as a global
financial centre."
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