24 Punjab National Bank is planning to expand its network in Maharashtra and has sought RBI permission to add 11 branches to the existing 156 in the State.
The bank opened its first mid-corporate banking branch in Pune recently to cater to SMEs and disburse loans in the Rs 5-25 crore range. Mr K.R. Kamath, Chairman and Managing Director, PNB, said that the bank expected business from this branch to touch Rs 500 crore by March end.
Mr. Kamath said that, while the bank has around in 250 branches in Maharashtra, Gujarat and Goa, the number was low in terms of branch network and added that mergers with existing banks, including co-operative banks, were not ruled out. “It depends on what they bring to the table,” he said.
Punjab National Bank is set to open its 5,000th branch soon and plans to open another 50-60 during this fiscal, including five large corporate banking branches and 11 MCBBs. PNB is also acquiring controlling stake in a Kazakhstan-based branch and would soon open its joint venture banks in Bhutan and Nepal. It has also received approval for setting up a subsidiary in Vancouver.
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