New Delhi: Punjab National Bank (PNB) is opening a representative office in Dubai. The bank has received approval from its board of directors, and according to Managing Director Atul Kumar Goel, it is currently seeking regulatory clearance. It is expected that the new office will be operational within the current financial year, pending all necessary approvals.
As of March 31, 2024, PNB has a presence in six countries through two subsidiaries in London-UK and Bhutan, one joint venture in Nepal, and two representative offices in Myanmar and Bangladesh.
Goel revealed that PNB is aiming to increase profitability, expanding its retail, agriculture, and MSME portfolios, issuing high-quality corporate loans, reducing slippages, and improving recovery rates. Additionally, the bank is also looking to boost forex income and increase non-interest income through higher fees from third-party product sales. Talking about business growth, Goel informed that PNB is anticipating an 11-12% increase in credit and a 9-10% rise in deposits this financial year.
