Punjab National Bank (PNB) a public sector banks has launched its online trading service in association with two brokerage firms Networth Stock Broking and SMC.
For the current fiscal bank is hoping of achieving a record growth of 23 per cent in the net profit. It is also working on the plan of merging its primary dealership arm PNB Gilts with itself.
During the launch of the online trading facility, PNB Chairman and Managing Director K. C. Chakrabarty informed the bank’s customers will be benefited from the service; this was the only financial service missing so far in the bank’s portfolio. “We are offering three-in-one account comprising savings, demat and trading facilities at a competitive rate”.
Mr. Chakrabarty, pointed out in the beginning, the service will be offered at 109 bank branches and soon it will be extended to other branches also. Mr. Chakrabarty informed the bank has a target of achieving a 20 per cent growth in deposits, 20-21 per cent growth in advances and 22-23 per cent growth in profit this fiscal.
He further added, “We are also discussing the issue of taking over PNB Gilts with shareholders of both companies. This is a time consuming process. I hope the merger would be complete within next 12 months”.
Wednesday, April 22, 2009
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