PNB launches its subsidiary in UK

Punjab National Bank (International) Ltd (“PNBIL”) a wholly owned subsidiary of Punjab National Bank signalled its arrival in Britain with a launch event at the prestigious Guildhall in the heart of the City of London.

At the event, Mr S. C. Gupta, Chairman & MD of Punjab National Bank said: “We are pleased to have received the authorisation from the Financial Services Authority, UK for starting operations of our bank’s subsidiary in London and unveiling our range of services to the UK market. As an Indian Bank, we naturally look to the Indian Diaspora for their support in our journey from here onwards. We are confident of servicing the needs not only of individual customers but also of businesses and institutions that seek to engage with India.” CMD also expressed his thanks to Think London , Deloitte & Touche , and UK Trade & Investment , both at New Delhi and London for their support, guidance and cooperation at different stages in establishing PNBIL .

Mr Vinod Rai, Secretary (Financial Sector), Ministry of Finance, Government of India, who was the Chief Guest for the inaugural ceremony said “UK is India's second largest trade partner, accounting for about 5% of India's total foreign trade in goods. With bilateral trade between India and the UK set to grow further, PNBIL will provide an essential link between these two diverse markets.”

At the event, Mr Gupta introduced his executive team for the UK, which is led by Mr Madanjit Singh, MD of Punjab National Bank (International) Ltd, who said “We bring a strong brand, an exceptional technological base and a desire to beat the customer’s expectations. This is achievable with an excellent team already in place at PNBIL. A key plank for PNBIL will be an interactive model with customers. This will focus on direct interaction with customers and easy access of bank staff at all times.”

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