PNB drops plan to enter Canadian market
23/06/2014 13:36
Hauled by the time taking regulatory clearance, the public-sector lender, Punjab National Bank has dropped its plans to enter the Canadian market, reported PTI. "We have been pursuing this for 4-5 years but it did not reach a logical conclusion. So, we decided not to go forward with it," PNB Chairman and Managing Director K R Kamath told media. The bank had planned to open a subsidiary in Canada with a capital of Rs 100 crore to serve Indian diaspora as well as to finance bilateral trade and investments. PNB has overseas footprints in 10 countries with 4 overseas branches. It has wholly owned subsidiary in UK with 7 branches and a subsidiary each in Kazakhstan and Bhutan. It has 5 representative offices in Australia, Norway, Dubai, China and Kazakhstan; and one joint venture with Everest Bank Ltd, Nepal.
23/06/2014 13:36
Hauled by the time taking regulatory clearance, the public-sector lender, Punjab National Bank has dropped its plans to enter the Canadian market, reported PTI. "We have been pursuing this for 4-5 years but it did not reach a logical conclusion. So, we decided not to go forward with it," PNB Chairman and Managing Director K R Kamath told media. The bank had planned to open a subsidiary in Canada with a capital of Rs 100 crore to serve Indian diaspora as well as to finance bilateral trade and investments. PNB has overseas footprints in 10 countries with 4 overseas branches. It has wholly owned subsidiary in UK with 7 branches and a subsidiary each in Kazakhstan and Bhutan. It has 5 representative offices in Australia, Norway, Dubai, China and Kazakhstan; and one joint venture with Everest Bank Ltd, Nepal.
