BRANCH BANKING | Tony Chua, India

Punjab National Bank opens Sydney office

The booming bilateral trade between India and Australia opens door to the lender’s entry in Sydney.

Punjab National Bank (PNB) has opened a representative office in Sydney, marking the entry of fourth Indian bank into Australia. This is being seen as yet another milestone in the growing bilateral trade and business relationship between Australia and India. Mr Namo Narain Meena, Minister of State for Finance, inaugurated the representative office in Sydney on Thursday.

The launch function was attended by Australian bankers, business leaders, media representatives and members of Parliament. Mr K. R. Kamath, Chairman and Managing Director, PNB, said at the launch event that Sydney was the 10th overseas destination for the bank, according to a report in The Hindu Business Line.

The growing bilateral trade offered good business potential for PNB, he said, adding that the bank would be interested in converting itself into a full fledged branch at Sydney.

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