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December 2009 - January 2010


Business Forum

PNBIL launches on-line deposit products

PNBIL Doubles its Deposits in Six Months

Punjab National Bank (International) Ltd, a UK based wholly owned subsidiary of Punjab National Bank (PNB), India, has shown healthy growth during half year ended September 2009, despite economic down turn.

PNBIL, which started its operations with two branches in London and Southall in May 2007, added two more branches at Leicester and Birmingham during 2009. With presently four branches in UK PNBIL’s account base has increased from 5500 as on 31/03/09 to over 10,000 as at 30/09/09. During this period, customer deposits have more than doubled from USD 146 million to USD 304 million thus registering a growth of 108%. Simultaneously customer advances have reached USD 436 million. With a capital base of USD 78 million and balance sheet size of USD 674 million, the Bank has posted pre-tax profit of USD 3.16 million during the half year.

These results were reviewed by Mr. M. V. Tanksale Executive Director, Punjab National Bank at the time of his visit to London on 08/10/2009, in the presence of Mr. S.R. Sharma MD, Mr. M. S. Nayak ED and other senor officers of PNBIL. Mr. Sharma added that this healthy growth has been possible on the strength of strong brand equity of its parent, PNBIL’s technology based products (like Chip & PIN based Debit Card, Internet Banking and On-Line Deposit/Remittance products), competitive interest rates and customer centric approach. PNBIL has followed the concept of Relationship Banking, which has enabled it to expand its customer base in such a short span of time. Remittances to India remains a major attraction for NRIs due to attractive exchange rates, low remittance charges (free transfer of funds to PNB accounts) and same day transfer facility.


PNBIL gets Moody’s Rating

Punjab National Bank (International) Ltd, a UK based wholly owned subsidiary of Punjab National Bank (PNB), India, has been awarded ‘Investment grade’ ratings with ‘Stable outlook’ by the leading rating agency Moody’s.

This was informed by Mr S K Dubey, General Manager, Punjab National Bank, New Delhi (Non Executive Director on the Board of PNBIL). Mr Dubey, who chaired the Board meeting of PNBIL at London on 23 October 2009, further informed that PNBIL is one of the youngest banks to be rated by Moody’s. The rating agency has awarded Baa3 / P-3 for Bank Deposits and D- for Bank Financial Strength Rating (BFSR) to PNBIL.

PNBIL, which started its operations with two branches in London and Southall in May 2007, added two more branches at Leicester and Birmingham during 2009. With presently four branches in UK, PNBIL’s account base has reached 11000. The customer deposits of the Bank are now more than USD 310 million and Customer advances are USD 430 million. With a capital base of USD 78 million, it has reached balance sheet size of USD 700 million. The Bank has earned profits from inception and has been able to post pre-tax profits of USD 3.16 million during the half year ended Sept 2009.

On this occasion Mr.S R Sharma, Managing Director of PNBIL added that these achievements have been possible on the strength of strong brand equity of its parent, PNBIL’s technology based products (like Chip & PIN based Debit Card, Internet Banking and On-Line Deposit/Remittance products), competitive interest rates and customer centric approach. PNBIL has followed the concept of Relationship Banking, which has enabled it to expand its customer base in such a short span of time. Remittances to India remain a major attraction for NRIs due to attractive exchange rates, low remittance charges (free transfer of funds to PNB accounts) and same day transfer facility.

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