Sarkaritel.com News and Features-Corporate News

PNB Starts its operations in China

Shanghai, Sept. 7, 2004

Punjab National Bank (PNB) has opened a Representative Office at Shanghai (China). Bank’s Shanghai office was inaugurated by Shri S.S.Kohli, CMD, PNB alongwith Shri Sujan R. Chinoy, Consul General of India in Shanghai.

PNB’s Shanghai Office will act as single window for providing necessary guidance to business community in China. Setting up of this office will go a long way in promoting trade relations between India and China in addition to strengthening correspondent relationship with leading banks in China.

PNB has recently opened a full-fledged branch in Kabul (Afghanistan), the first Indian Bank to open a Branch in that country. The Bank already has a representative office at London (U.K.) and has decided to upgrade its Rep. Office at Almaty (Kazakhstan) into banking subsidiary for providing complete range of banking facilities. The Bank is also in the process of opening representative office in Dubai, UAE.

The Bank is having a Joint Venture with Everest Bank Ltd. (EBL) Nepal with 20% equity participation and PNB officials under a Technical Services Agreement are managing the bank. With the management support of PNB, EBL has emerged as one of the leading banks in Nepal.

For facilitating remittances of NRIs, PNB has entered into Rupee Drawing Arrangements with 13 Exchange Houses in Middle East countries and Singapore. Bank is also in the process of providing remittance facilities through Western Union and TimesofMoney.

PNB is one of the leading public sector banks in India and having network of over 44450 branches spread all over the country. Bank has been ranked at 313th position amongst the top 1000 global banks, by prestigious international publication, The Banker. The Bank has been ranked 9th amongst top 50 service brands in India by AC-Nielson survey recently.

E-Mail : newseditor@sarkaritel.com