A senior official of the State-run Punjab National Bank informed that bank will be opening its new branches in Shanghai and Norway, set up a subsidiary in Canada and a representative office in Singapore this fiscal.
Executive Director J.M. Garg told reporters on the sidelines of an industry conference that the bank has also signed a preliminary joint venture agreement with a private partner for the setting up of a bank in Bhutan where the Indian bank will hold a majority stake.
He informed the bank will be up grading its representative office in Dubai into a offshore banking unit to conduct institutional banking operations.
Currently bank branches are operating in Hong Kong, a subsidiary in London and a small operation in Kabul, which together generate a business of $300 million, he said.
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