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PNB (International) opens its 6th branch in UK
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merisarkar news service New Delhi February 17, 2011
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6th branch in UK inaugurated
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The 6th branch of PNBIL in UK was inaugurated by Nalin Surie, High Commissioner of India in UK at Ealing Road, Wembley.
The Guests of Honour were Cllr. Harbhajan Singh, Mayor, London borough of Brent and Barry Gardiner, MP, Brent North. The event was also attended by around 150 prominent British Indians and other local residents of London, heads of other Indian banks and financial institutions, representatives of local social and religious organisations and British Indian press.
The ribbon cutting and lamp lighting ceremonies were performed by the Mayor and the MP in the branch premises while the main function was held at Clay Oven banqueting hall. While welcoming the guests, S R Sharma, Managing Director of PNBIL, dwelt upon the 115 years history of Punjab National Bank and its journey from Lahore (the capital of undivided Punjab, where the Bank was established on Baisakhi day in 1895) to Wembley. He mentioned about the pan-India presence of the Bank through more than 5000 branches and 4400 ATMs.
The Bank has a customer base of around 60 million and a business of INR 500,000 crores in India. The Bank also has a presence in nine countries abroad including the UK subsidiary. PNBIL which started operations in UK in may 2007 has rapidly expanded during last four years and has opened its sixth branch.
The Bank has more than 22,000 customers and total business (customer deposits and advances) of nearly $1.20 billion. Sharma also explained the rationale of expansion by PNBIL, despite the impact of slowdown on the British economy and mentioned that the Bank is expecting a growth of 30-35% in its customer business during current financial year ending March 2011. He also mentioned about the plans of the Bank to open another branch at Wolverhampton in near future.
The High Commissioner, who had also inaugurated the fifth branch of PNBIL at Ilford during April 2010, spoke about the Indo British business partnership and how the Indian Banks are contributing towards growth of British economy and enhancement of bilateral trade. He wanted the Indian banks to help the businesses in UK and also to promote investment from UK to India. He also lauded the contribution of British Indians to the economy.
The Mayor, Cllr Harbhajan Singh welcomed the Bank to the borough of Brent and hoped that the Bank will work closely with the local community. He assured all the support and cooperation to the Bank in its operations.
Barry Gardiner, MP, appreciated the role of Indian community and Indian banks and how they are contributing to the development of Brent.
K L Luhana, Branch Manager of Wembley branch, proposed the vote of thanks.
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