India’s third largest bank launches international headquarters in London

May 15, 2007

Punjab National Bank International Limited (PNBIL), the global arm of Punjab National Bank (PNB), has announced the opening of its international headquarters in London.

Think London, the foreign direct investment agency for London, supported by its partners UK Trade & Investment (UKTI) and the City of London Corporation, helped bring PNBIL to the capital.

PNBIL’s international headquarters will help UK companies doing business in India and vice versa. It is planned that PNBIL will, in due course, act as the hub of all international operations of Punjab National Bank.

Michael Charlton, Chief Executive of Think London, said “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.” Andrew Cahn, Chief Executive of UKTI, said “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.”

Michael Snyder, Policy Chairman of the City of London Corporation, said “In the City of London, PNBIL will be at the heart of the world’s financial markets and will have direct access to a unique concentration of international expertise, an advanced communications and information technology infrastructure and an unrivalled concentration of professional services.”

Mr Vinod Rai, Secretary (Financial Sector), Ministry of Finance, Government of India, said “The UK is India’s second largest trade partner, accounting for 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.”

Mr S C Gupta, Chairman and Managing Director of PNB, said “Setting up PNBIL here in London is recognition that the city is key to any major bank with a serious international outreach.”

Mr Madanjit Singh, Managing Director of PNBIL said, “PNBIL’s focus on global business growth has prompted us to expand and establish an office in London. The city’s fast growing Indian community adds to its attractiveness as a leading financial business centre. London is an appropriate fit for our business and we look forward to working in such a dynamic city.”

He added “For business customers, PNBIL offers tailored banking facilities, trade and loan finance. It will also enable customers to transmit remittances to and from India. With connections throughout India, via a high-tech computerised network, PNBIL’s on the ground knowledge places it at a comparative advantage to other banks in the UK.”

PNB is quoted on the Mumbai Stock Exchange and has the second largest branch network in India, with 4,525 offices spread across the country.