PNB generates profits in first year of UK operations

London, Aug 21 (PTI) In the first year of its
operations, the UK branches of the Punjab National Bank
recorded profits and has now introduced new services to its
growing base of customers here.

"Despite the present economic downturn the bank is
able to generate profits from the first year itself. The bank
is helping the Indian corporates to set up business in UK and
vice versa. The Bank has also become popular among Indian
diaspora due to its customer friendly approach and very
attractive remittance facilities", Nagesh Pydah, executive
director of PNB said.

UK-based Punjab National Bank (International) Limited,
a 100 per cent subsidiary of Punjab National Bank launched
On-Line Deposit products this week, under the name of NET-SAVE
and NET-FIXED for individuals who are resident of UK.

The bank’s UK operations were launched in May 2007 and
since then the bank acquired more than 9000 deposit accounts
through its four branches at London, Southall, Leicester and
Birmingham, Pydah said.

Mukesh Khurana, manager of the bank’s Leicester branch
which was opened earlier this year, told PTI that the branch
was welcomed enthusiastically in the town with a large
minority of people of India origin.

The total customer deposits have reached USD 225
million and customer advances USD 375 million. With the
capital base of USD 75 million, the bank has been able to
build a balance sheet size of around USD 600 million. PTI PS
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