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Friday, Aug 11, 2006

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PNB plans to set up subsidiary in Canada

K.R. Srivats

New Delhi , Aug 10

Punjab National Bank (PNB) plans to set up a wholly owned subsidiary in Canada, its Chairman and Managing Director, Mr S.C. Gupta, has said.

"We will file the papers with the authorities concerned in Canada before the end of next month," Mr Gupta told Business Line.

Mr Gupta said that the bank hopes to commence operations in four new overseas offices before the end of the current fiscal. The four countries where PNB wants to establish presence are the UK, Singapore, Hong Kong and Canada.

PNB had earlier this month filed papers before the Financial Services Authority (FSA) of the UK for setting up a subsidiary. Last month, PNB had filed an application with the Hong Kong Monetary Authority for opening a branch in Hong Kong. Plans are afoot to file an application with the Singapore regulator next month for establishing an offshore banking unit in that country.

More Stories on : Overseas Investments | Public Sector Banks | Punjab National Bank

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