Despite recession, PNB overseas biz at Rs $2-b mark

Written by Swarleen Kaur | Ludhiana | Updated: Aug 27 2009, 05:21am hrs
Overseas branches of Punjab National Bank (PNB) scaled new heights in business during the economic downturn. The banks total overseas business has touched the $2-billion mark. Chief general manager, credit-card venture division and overseas operations, PNB, Ranjan Dhawan said due to recession, banks in Europe and America were shying away from lending, which brought many prospective customers at PNBs doorsteps.

However, the banks overseas operations contribute around just 2% to the total business and the management is working to take it to 10% in the next 5 years. Taking some steps in this regard, the bank is opening a joint venture bank (JVB) in Bhutan and coming up with its branch in Dubai in October this year.

Besides, the bank also received RBI approval for setting up a subsidiary at Vancouver (Canada) and upgrading its representative office at Shanghai to a branch.