Date:13/07/2006 URL: http://www.thehindubusinessline.com/2006/07/13/stories/2006071303020600.htm

PNB to infuse Ł25 million into UK arm

K.R. Srivats

New Delhi , July 12

Punjab National Bank (PNB) plans to make a capital infusion of about Ł25 million in its subsidiary in the UK. This subsidiary came into being in April.

Awaiting nod

"We will be injecting Ł25 million (as capital) into our UK subsidiary. This will happen once we get the approvals," Mr K. Raghuraman, Executive Director, PNB, told Business Line.

Opening branches

He also said the bank's London-based subsidiary would, this month, file an application before the Financial Services Authority of the UK for opening branches there.

"To start with, we are looking at a branch in Southall. We are not going to do investment banking and all that. We are only following our own customers. Most of our customers here are moving abroad as they internationalise their operations," Mr Raghuraman said.