A recent press report said that Punjab National Bank (PNB) has opened a representative office Sydney. Mr. K. R. Kamath, chairman and managing director of the bank said that the bank is likely to get regulatory approval from authorities in both countries to upgrade this representative office into a full-fledged branch within a year.
Reports said that the India-Australia trade is currently around Rs 1.1 lakh crore. In 2009-10, Australia has exported A$19.8 bn of goods and services to India and the Australian merchandise exports to India reached A$18.3 bn in 2010, making it Australia’s fourth largest merchandise export market and fifth largest merchandise trading partner.
Reports also said that the two countries are hoping to double bilateral trade to A$40 bn within the next five years, which augurs well for more Indian banks to operate in Australia.
PNB, was established in Lahore in 1895 and taken under government ownership in 1969, joins State Bank of India (SBI), Bank of Baroda and Union Bank of India in Sydney, which is fast becoming a leading financial services hub in the Asia-Pacific. The bank’s credit basket includes home loan, personal loans, vehicle loans, gold loan, educational loan etc.