PNB plans to achieve 100 per cent growth in overseas revenues

Punjab National Bank (PNB) chairman and managing director, Mr K.R. Kamath of India’s second largest public sector bank informed, bank is on expansion mode of its branches overseas to get hold of growth opportunities. In the next three years bank target will be to achieve 100 per cent growth in overseas revenues.

In view of this PNB will be opening a subsidiary in Canada to cater financial needs of its large Punjabi-dominated Indian emigrant population. Bank has already opened 5 branches in the United Kingdom. Mr Kamath stated, “We are also planning to start a representative office in Sydney, Australia. Our offices in Norway and China would also be upgraded.” The bank is also thinking of acquisition of Kazakhstan based JSC Dana Bank for a consideration of $24 million.

He said, “This buyout would help us gain a toehold in the central Asia and Russia region. The Reserve Bank of India has already cleared the deal while approval is awaited from the Kazakhstan authorities.”

The bank is also working on raising $100 million through debt to fund its global growth ambitions. He added, “We are conducting road shows for this. We may use the Greenshoe option if required.”