Punjab National Bank is planning to open a subsidiary in the United Kingdom in a bid to make its presence felt in the international arena.
With an asset size of more than Rs 1,20,000 crore (Rs 1200 billion), PNB, the country's third largest bank, has engaged global consultant Deloitte and Touche to study the feasibility of opening a subsidiary in the UK in place of its representative office at present.
"We will receive a study report this month from Deloitte and Touche on the viability of opening a subsidiary in the UK," a senior PNB official told PTI.
The international consultant was appointed by the bank early this year to prepare a detailed study report on PNB's proposed expansion of business in the UK either by opening branches or through a subsidiary, whichever is viable.
"After we get the report, it will be placed before the board of directors and a decision will be taken on the matter," the official said.
The move comes with a view to tap the vast expatriate Indian population in the UK and in the backdrop of State Bank of India making its intention clear on becoming an Indian transnational giant in the coming years.
PNB has representative offices in London, Shanghai and Kazakhstan and plans to expand operations either by converting them into branches or opening subsidiaries.
The bank, which recently got licence to open a representative office in Dubai, has also kept options open on acquiring a foreign bank.
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