Punjab National Bank approved to launch Hong Kong branch

Punjab National Bank (PNB), India's fourth-largest bank in terms of total assets, has got the approval from Hong Kong authorities to open a branch in the territory for retail and wholesale banking services, sources reported today.

The branch, which is scheduled to open in Jan 2008, will be the Indian lender's first branch in Hong Kong. The branch will help the bank to enter the Chinese mainland market, as Hong Kong has strong tie with the Mainland.

PNB, with a history of more than one century, is on its way to go global. It has set up Punjab National Bank International Ltd in London in May. Currently, it made its presence in the Mainland with a representative office in Shanghai.

By the end of the third quarter this year, its deposit has reached US$37.97 billion and its total business has amounted to US$63.66 billion.