PNB has opened an office in Sydneyv

By | August 13, 2011

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.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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