PNB sets up subsidiary in UK

LONDON: India's second largest public sector lender Punjab National Bank (PNB) on Thursday set up its wholly-owned subsidiary in the UK to cater to the financial services requirements of the huge Indian diaspora.

"By establishing Punjab National Bank (International) Ltd (PNBIL), we are confident of servicing the needs not only of individual customers but also of businesses and institutions that seek to engage with India," PNB Chairman and Managing Director S C Gupta said at the inaugural function at Guildhall here.

PNBIL will primarily act for UK companies transacting business with India and vice versa, Gupta said, adding that for business customers, the subsidiary will offer tailored
banking facilities, trade and loan finance.

Besides, it will also enable customers to transmit remittances to and from India.

The London offices in Gresham St and Southall would serve as key points for the bank's international network which includes operations in Canada, Hong Kong and Singapore, besides current representative offices in Shanghai, Dubai and Kazakhstan.

Speaking on the occasion, Financial Sector Secretary, Ministry of Finance, Vinod Rai said with bilateral trade between India and the UK set to grow, PNBIL will provide an
essential link between the two diverse markets.

The UK is India's second largest trade partner, accounting for 5 per cent of India's total foreign trade in goods.

"A key plank for PNBIL will be our customer focus: we will ensure direct interaction with customers and easy access of bank staff at all times," said PNB Executive Director K Raghuraman.