PNB to set up branches in four overseas locations

NEW DELHI: "We are looking at Norway, Dubai, Shanghai and Singapore for having the bank's presence in the immediate future," PNB's Chairman and Managing Director K C Chakrabarty said.
    
The bank has applied for regulatory approval for a representative office in Norway that would be later upgraded to a branch, he said.
    
RBI, he added, has already accorded approval for upgrading the bank's Shanghai (China) representative office to a branch.
    
It is also planning to upgrade its representative office in Dubai International Financial Centre (DIFC) into a branch.
    
The bank is in the process of seeking approval for a banking branch in Singapore, he said, adding, the application is pending before the Monetary Authority of Singapore.
    
Chakrabarty said: "Our immediate plan include creating a strong international footing for the bank."
    
Besides, PNB would also enter Bhutan by the end of this year through a banking joint venture, for which a memorandum of understanding would be signed by July.
    
"Negotiations are going on with the identified joint venture partners about price and capital structures... MoU with the selected partner will be signed in the next three months," he had said earlier.