Date:04/08/2006 URL: http://www.thehindu.com/2006/08/04/stories/2006080403961808.htm

Business - Briefly

PNB move to open subsidiary in U.K.

NEW DELHI: Punjab National Bank has filed an application with the Financial Services Authority (FSA) of Great Britain for opening a banking subsidiary in the U.K. The bank plans to infuse about Rs. 200 crore capital into the subsidiary for carrying out full-fledged banking business. In the first phase, the bank will have a retail set-up at Southall and a corporate office in Central London.