18-Punjab National Bank_A4 Temp 28/07/2011 12:29 Page 18
British
Punjabis
PNB- A People's National Bank n the present fluid economic scenario across the globe, when many banks are closing shop, Punjab National Bank is expanding its foothold in UK through its wholly owned subsidiary, Punjab National Bank (International) Ltd. [PNBIL]. Punjab National Bank, established in Lahore (presently Pakistan) in 1895 is the 2nd largest public sector Bank in India, with more than 5100 offices, balance sheet size of $ 85 billion and total customer business of $ 124 billion.. With 58 % holding of Govt. of India, it is one of the most profitable banks in India. It was pioneer amongst public sector banks to launch major IT initiatives. With all the branches on a centralised banking platform and with around 5000 ATMs, the Bank is providing Anywhere Anytime banking facility to its 62 million customers. As a part of its global expansion plans, PNB has setup overseas offices / Joint Ventures in countries like Hongkong, Nepal, Bhutan, Afghanistan, Kazakhastan, UAE, China, Norway etc. However, its most ambitious overseas initiative has been setting up of PNBIL in UK. Having started operations with two branches in London and Southall in May 2007, PNBIL has added five branches during last two and a half years at places where Indian diaspora is present in large numbers, like Leicester, Birmingham, Ilford, Wembley and Wolverhampton. PNBIL was the first public sector Indian bank to introduce a Chip & PIN based International Debit Card and Internet Banking Services in January. 2009. With an array of Retail as well as Wholesale banking products, PNBIL is now fully geared up to meet banking needs of its clients, especially expat Indians. PNBIL is on customer acquisition spree and presently has around 30,000 deposit accounts with a customer deposit base of $ 730 million, customer advances of around $ 800 million and balance sheet size of more than $ 1 billion. In fact the customer business of PNBIL has grown by more than 200% over last 2 ½ years. The Bank has maintained profitable operations since inception. When many high street Banks are shy of lending against property, PNBIL is selectively lending for development
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Mr S.R. Sharma, Managing Director of Punjab National Bank International Limited
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Asian Voice & Gujarat Samachar - 2011
and commercial purposes, to support the business needs of its clients. The Bank has followed open door policy and relationship banking, with free access to Branch Managers and other staff. The convenience of verbal communication in ethnic Indian languages has enabled it to become the friendliest Indian bank for the people of Indian origin in UK. The Bank has also associated itself with the communities in many ways, which has helped it to grow at such a fast pace. One of th e main requirements of expat Indians is to remit their savings to India. PNBIL has recognised this as a focus area and offers one of the most competitive exchange rates for this purpose. There are no remittance charges for transfer of funds from PNBIL accounts to PNB accounts in India and nominal charges for remittances to accounts with other banks in India. For internet users, PNBIL has introduced on-line facility where the exchange rate is more favourable. PNBIL has followed sound banking practices of Indian Banking system, including lower LTV and high liquidity / capital levels. PNBIL is authorised and regulated by FSA and is following the global best practices like IFRS standards for accounting purpose. PNBIL is member of FSCS. PNB which had put in capital of $ 50 million in PNBIL to start with, has pumped in additional capital of $ 75 million to meet the growing business needs of PNBIL due to expansion. The Bank is looking at exploring the opportunities for expansion into other European countries with substantial Indian population. The Bank is headed by S.R.Sharma, Managing Director.