PNB launches its subsidiary in UK

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PNB launches its subsidiary in UK

Punjab National Bank launches its subsidiary in UK

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He added "PNBIL will primarily act for UK companies transacting business with India and vice versa. For business customers, PNBIL offers tailored banking facilities, trade and loan finance. PNBIL will also enable customers to transmit remittances to and from India. With connectivity throughout India via a computerised network, PNBIL has a comparative advantage over other banks in UK."

Mr. Harwant Singh, General Manager, Int'l Banking and Mr. Arun Kaul, General Manager, Treasury, PNB who are on the Board of PNBIL were also present on the ocassion.

Mr. K. Raghuraman, Executive Director, PNB while proposing vote of thanks remarked that "With deregulation, increased use of technology and global effort to put a check on money laundering coupled with a demand for prompt and efficient multi-channel delivery network, the business of banking has been redefined. Customer preferences have undergone sea-change, particular, the expectations of the larger corporate clients have increased manifold. Increasingly, corporate businesses are operating in a globalized environment which calls for matching response from the financial institutions they deal with".

Michael Charlton, Chief Executive of Think London, said  that  "London's status as the world's largest international banking centre and India's role as the second largest foreign investor into London made PNBIL's decision to locate its international headquarters in the city a natural step."

UKTI Official present on the occasion said that "PNBIL is in an excellent position to spur its global growth by benefiting from London's inherently innovative financial services environment, its vast pool of financial services talent and its central position between Asian and American time zones."

Sourced From: Punjab National Bank