PNB opens subsidiary in London

New Delhi, May 10 (UNI) Country's second largest PSU bank, Punjab National Bank today opened its wholly- owned subsidiary in the United Kingdom.

The subsidiary, Punjab National Bank (International) Ltd (PNBIL) will primarily act for the UK companies transacting business with India and vice-versa. It will also offer tailored banking facilities, trade and loan finance.

PNBIL will also enable customers to transmit remittances to and from India.

''UK is India's second largest trade partner, accounting for about 5 per cent of India's total foreign trade in goods.

With bilateral trade between India and the UK set to grow further, PNBIL will provide an essential link between these two diverse markets,'' said Secretary (Financial Sector), Ministry of Finance Vinod Rai.

Pleased at recieving the authorisation from the Financial Services Authority, UK for starting operations in the country, Chairman and MD of Punjab National Bank S. C. Gupta said, '' We are confident of servicing the needs of not only the individual customers but also of businesses and institutions that seek to engage with India.'' Think London, Deloitte and Touche, and UK Trade and Investment, both at New Delhi and London has been involved at different stages in establishing PNBIL.

UNI