By IANS,
Chennai: The public sector Punjab National Bank (PNB) Wednesday said it is planning to invest around Rs.100 crore in its proposed Canadian subsidiary that is awaiting regulatory approval.
“Our UK operations is successfully catering to the Punjabis there and we want to replicate that model in Canada. We are awaiting the approval from the Canadian regulators. We are planning to invest around Rs.100 crore there,” PNB chairman and managing director K.R. Kamath told reporters.
In Britain, the bank focuses mainly on retail business, and has around 30,000 customers.
PNB has a presence in nine foreign countries and is now planning to convert its representative office in Oslo, Norway to a full fledged branch. It is also planning to set up a representative office in Australia.
The bank’s overseas operations are monitored by its British subsidiary, PNB International Ltd.
Currently, PNB gets three percent of its total business from overseas operations.