PNB to open representative office in Norway

New Delhi, Jun 24 (UNI) State-run Punjab National Bank (PNB) today said it has received approval from the Reserve Bank of India for opening Representative Office in Norway.

''RBI, vide their letter dated June 23, 2008, has granted approval for opening PNB's Representative Office in Norway,'' a statement said.

The Bank plans to open new branches in Shanghai, set up a subsidiary in Canada and a representative office in Singapore this fiscal.

The Bank has also signed a preliminary joint venture agreement with a private partner to set up a bank in Bhutan where the Indian bank will hold a majority stake.

The Bank currently has a branch in Hong Kong, a subsidiary in London and a small operation in Kabul, which together generated a business of 300 million dollars.

UNI SR SG AS1801