PNB takes total branch count to 6 in UK

Punjab National Bank recently opened its sixth branch in United Kingdom. The bank has been operating in UK for 4 years now.

On the occasion the Managing Director of the bank Mr. S R Sharma "The bank has more than 22,000 customers and total business (customer deposits and advances) of nearly $1.20 billion. The bank is expecting a growth of 30-35% in its customer business during the current financial year, ending March 2011."

The bank has plans to open few more in branches in UK in near future. Further the bank expects a healthy growth of 30-35 percent in the current Financial Year.

PNB inaugurates two more branches in Kerala

In a bid o expand the branch network Punjab National bank has inaugurated to new branches one in Kazhakuttam in Thiruvananthapuram district and another in Chalakudy in Thrissur district of Kerala. The branch at Chalakudy is equipped with ATM facility.

The total number of branches of the bank in Kerala has now become 141. Further the bank officials also shared plans opening more branches and installing more ATMs in the state.

New Deposit Schemes for NRI customers of PNB

Punjab National Bank has come up with two new schemes for the NRI customers of the bank. The two new schemes offered are FCNR Premium linked Deposit scheme and NRI Rupee Flexible Deposit scheme.

Premium linked Deposit applies to the term deposit accounts that have deposit period of one year and in currency only (USD, Euro, GBP, CAD and AUD).

Rupee Flexible Deposit scheme allows the NRI customers to withdraw principal amount from their Fixed Deposit account without attracting penalty on the remaining deposit.

PNB official financier for Atul Auto

Punjab National Bank has signed a memorandum of understanding with Atul Auto Limited a Rajkot based company. Punjab National Bank will provide financing on all the products by Atul auto.

An official statement from the lender confirmed that the bank will be the preferred financer for Atul Auto for all it’s products and will provide finance to the eligible candidates across the country.

Atul Auto Ltd. in collaboration with Punjab National Bank will promote schemes to offer easy finance options to their customers by leveraging the pan India presence of bank.

The agreement was signed by Paul Zachariah, vice president, marketing, Atul Auto and B P Sharma, general manager, Punjab National Bank.

PNB to acquire Dana Bank, waits for approval from Kazakhstan

Public sector lender, Punjab National Bank is waiting for approval from Kazakhstan for the acquisition of Dana Bank.

PNB Chairman and Managing Director K R Kamath, after announcing second quarter numbers said, "We are in process of completing formalities. We have submitted application (to acquire Kazakhstan-based Dana Bank) to the regulator there."

He said, "I am quite hopeful that things would fall in place and approval would come."

In fact, last year PNB Board had approved acquisition of 63.6 per cent stake Dana Bank for an estimated USD 24 million.

With the acquisition of Dana Bank, PNB will be able to penetrate in CIS (Commonwealth of Independent States) countries.

There are five branches of Dana bank doing a total business of USD 60 million (around Rs 276 crore).

At present PNB representative office is operating in Kazakh city Almaty. The bank is also having branches in eight countries, and is planning to open few more offices overseas, including Shanghai. Bank is planning to set up a subsidiary in Vancouver, Canada.

Regarding capital raising plan, Kamath said the bank is having a headroom of Rs 7,200 crore under Tier II. The bank will raise funds to meet credit growth after scrutinizing the interest rate situation and need.

He informed, in case interest rates are reduced the bank will raise resources for funds.

Regarding liquidity situation, Kamath said at present there is pressure on liquidity.

PNB revises deposit rates by 25bps

Punjab National Bank (PNB) has launched two special deposit schemes – PNB Dugna and PNB Lakhpati. According to bank sources these schemes have been launched on the demand from the customers.

Thus, the bank has revised its domestic deposit rates. It has raised the rates by 25 basis points (bps) for contractual maturity from 9 to 10 years, whereas the peak rate offered has been increased from 7.50% to 7.75%.

In the Sensex PNB has outperformed over the past one month till Aug. 30, 2010, it has gained a rise of 11.31% compared with the Sensex`s 0.92% rise. In past one quarter it has gained rise of 21.03% as against 6.93% rise in the Sensex.

PNB launches “PNB Festival Bonanza Offer 2010” for home and auto loans

Punjab National Bank a state-owned lender is organizing “PNB Festival Bonanza Offer 2010” for housing loans and car loans.

Under this bank will be offering housing loans up to Rs 50 lakhs at a teaser interest rate of 8.5% under fixed interest rate option (3years) across all repayment tenures. But there will be a provision that the applicable rate will be base rate if it crosses 8.5%.

Also, there will be full waiver of processing (upfront) fee and documentation charges the margin has also been reduced to 15% for housing loans up to Rs 20 lakhs.

For the new car loan borrower’s bank is offering a rebate of 0.50 per annum under fixed option. This festival offer is valid from August 20 to December 31, 2010.

PNB is the first bank to announce the festive offer on loans to cash in on festive passion.