PNB commences operations in Hong Kong

New Delhi, Jan 30 (UNI) Punjab National Bank (PNB) today said it has commenced commercial operations in its Hong Kong branch, which is now a full-fledged banking branch offering the full spectrum of banking facilities.

The facility includes checkable accounts, deposit products, trade finance and loan syndication, the bank said in a statement.

The new branch is critical to PNB's strategy of expanding its operations overseas and meeting the banking needs of its main customers who have opened offices in China and Hong Kong.

The establishment of a treasury function in the Hong Kong branch will complement the existing London and India treasuries to enable PNB to offer services across all time zones.

The branch was formally inaugurated today by the Government of Hong Kong Financial Secretary John C Tsang and PNB Chairman and Managing Director K C Chakrabarty.

Speaking on the occasion Mr Charabarty said ''Hong Kong is the bank's gateway to the Chinese mainland. Trade between China and India has already reached the figure of 38 billion dollars.

During the recent visit of the Indian Prime Minister to China in a meeting with the Chinese Premier the target has been revised to 60 billion dollars.'' UNI PBB SR KP1708