PNB's Hong Kong branch starts operations
Public sector lender Punjab National Bank said its Hong Kong branch has commenced operations from Monday.
By PTI |
MUMBAI: Public sector lender Punjab National Bank (PNB) said its Hong Kong branch has commenced operations from Monday.
"On receipt of permission from Hong Kong Monetary Authority (HKMA) to commence business, the branch has commenced its operations with effect from December 17," PNB said in a filing to the Bombay Stock Exchange.
The bank already have international branches in UK (two outlets) and Kabul, with representative offices at Dubai, Shanghai and Almaty.
The bank is also in the process of upgrading representative offices in Shanghai and Dubai to branches.
Earlier, PNB Chairman and Managing Director K C Chakraborty had said, "PNB was planning to enter mainland China by launching its operations in Hong Kong," adding "a proper launch would be made in January 2008."
Hong Kong Financial Secretary John Tsang said, "it has already given banking license to seven Indian banks and is ready to provide 'level playing field' to other banks".
After the granting of a banking license to PNB, the number of licensed banks in Hong Kong has increased to 139, HKMA said in a press release.
Shares of PNB were trading at Rs 665.60, down 2.27 per cent on BSE in afternoon trade.
"On receipt of permission from Hong Kong Monetary Authority (HKMA) to commence business, the branch has commenced its operations with effect from December 17," PNB said in a filing to the Bombay Stock Exchange.
The bank already have international branches in UK (two outlets) and Kabul, with representative offices at Dubai, Shanghai and Almaty.
The bank is also in the process of upgrading representative offices in Shanghai and Dubai to branches.
Earlier, PNB Chairman and Managing Director K C Chakraborty had said, "PNB was planning to enter mainland China by launching its operations in Hong Kong," adding "a proper launch would be made in January 2008."
Hong Kong Financial Secretary John Tsang said, "it has already given banking license to seven Indian banks and is ready to provide 'level playing field' to other banks".
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After the granting of a banking license to PNB, the number of licensed banks in Hong Kong has increased to 139, HKMA said in a press release.
Shares of PNB were trading at Rs 665.60, down 2.27 per cent on BSE in afternoon trade.
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