PNB to acquire Bank in Kazhkstan

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Bangalore, Oct 17: In a move to broaden its horizon the Punjab National Bank is looking to acquire a bank in Khazkstan, said the Bank Chairman and Managing Director Dr K C Chakrabarty on Friday, Oct 17.

Addressing the mediapersons in Bangalore he said ''we are looking at acquiring a bank in Kazhkstan to expand our global activity. We may also go in for joint venture if we do not find a suitable bank for acquisition.'' To a question, he said the bank intended to invest about US Dollar 35 million for acquisition or a Joint Venture. He said there was a proposal before the bank to open a subsidiary in Canada and both the proposals may materilise by 2010.

Dr Chakrabarty said it was also proposed to open branches in Singapore, Bhutan, Dubai and Norway. The application would be filed soon for opening a branch in Bhutan. The PNB has a branch in Hong Kong.

The Chairman said in this fiscal the growth of the bank was expected to be 20 per cent and the profit might increase by 23 per cent since the bank was doing well in all respects. In 2007-08, the PNB had registered a revenue of Rs 4,417 crore, while net profit was Rs 543.76 crore, he added. Replying to a question, Dr Chakrabarty said the global economic crisis has not affected PNB. The bank's financial position was very sound and it had Rs 4,700 crore additional liquidity to meet any challenge.

Later, he lauched the 'Financial Inclusion of Informal Sector Workers' for building workers.

He said this was for the first time such a scheme was launched to attract labour class, working in construction activities.

The programme was launched in collaboration with Labournet, a NGO which had registered membership of about 4,500 workers of construction and other sectors.

He said the bank would finance the NGO for maintaining the data-base and a BPO which would provide these workers with an opportunity of improving their working conditions. This would open avenues for better income and standard of living for them.

UNI

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