PNB plans to expand global operations

Punjab National Bank (International) is looking at "further expanding" its global operations, bank's Chairman and Managing Director K R Kamath has said.

"In terms of our international operations, we are now present in nine countries. We are in the process of a few more expansions of getting into Australia in the form of a rep (representation) office for which we have already received licence and efforts are on," Kamath told PTI.

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"Our licence for a subsidiary in Canada is pending with the Canadian regulator and we are pursuing it. We are also pursuing our application for upgrading our office in Oslo in Norway into a full-fledged branch," he added.

These are immediate expansion plans but the bank is also looking at further expansion of international operations, he said. "We are exploring the possibility of moving in Europe, keeping London as our international headquarters."

Kamath said during the year ended March 2011, the bank registered an overall profit of Rs 4,433 crore, excluding the profit made by its international subsidiary.

Punjab National Bank (International) made an operating profit of almost 10 million dollars in the year ended March 2011.

Stating that the subsidiary has been doing "good" Kamath said "during the current year we are looking for a total of 2 billion dollar deposit and advances by the subsidiary.

Asked about new schemes, Kamath said the bank was currently working on its on-line deposit project. Its application for this was pending with FSA, he said.

Punjab National Bank has a total of 5,200 branches in the country and planned to open 100 more branches during the current year.