PNB to raise Rs 500 cr from bonds

SOURCE :Press Trust of India / Mumbai May 21, 2010, 15:12 IST

Punjab National Bank (PNB) today said it would raise Rs 500 crore from bonds to meet its capital requirement for credit growth.

The bank will be raising Rs 500 crore from Upper Tier II bonds, PNB informed the Bombay Stock Exchange.

The proposed opening and closing date is May 24, it said.

PNB shares were trading at Rs 990, down 1.29 per cent in the afternoon trade on the Bombay Stock Exchange.
   
Earlier this month, PNB had said it can raise up to Rs 6,800 crore from bonds to fund growth plans.
   
"We have headroom of raising Rs 6,800 crore from both tier-I and tier-II bonds and funds would be raised depending on the requirement," PNB Chairman and Manging Director K R Kamath had said.
   
The fund would be raised when the interest rates are optimum, he had said.

PNB gets RBI nod for Australian office

Press Trust of India / Mumbai March 05, 2010, 20:53 IST Punjab National Bank (PNB) today said it has  received approval from the Reserve Bank of India (RBI) to open representative office in Australia.

In a filing to the Bombay Stock Exchange (BSE) the bank

said it has received approval from the RBI to open a 

representative office in Sydney, Australia.

In a bid to expand overseas presence, PNB recently

acquired a small-sized Dana Bank in Kazakhstan.

The bank also has plans to set up subsidiaries in Canada 

over the next one year and is looking at regions like

South Africa, Indonesia and Ghana for expansion later on.

At present, the bank has branches in Hong Kong, Kabul

and Dubai and representative offices in Shanghai.

It plans to upgrade the Shanghai representative office to

a full-fledged branch over the next one year and has applied

to open branches in Norway.

At present, the bank has four branches in Britain and 

also have joint venture operations in Nepal and Bhutan.

It has a total branch strength of 4,836 across the globe.

The bank expects to raise the share of revenue from overseas

business to 7 per cent over the next three years from 3.5 per cent now.

PNB plans foray into South Africa, Indonesia

Mumbai February 14, 2010, 0:09 IST

Public sector lender Punjab National Bank (PNB)
plans to enter South Africa and Indonesia to expand
 its international business operations and raise its share
in the total business to 7 per cent in next three years.




The outstanding international business was $3 billion at 
end of December 2009, which amounts to about 3 per cent
 of total business (deposits and advances).

The bank’s intention to enter Africa and Indonesia was
 to benefit from business opportunities due to growth in
bilateral trade.

 The Delhi-based bank would choose routes
 (branch, subsidiary or acquisition) based on regulatory norms
 and business prospects, its Chief General Manager 
Ranjan Dhawan said on the sidelines of a function to
 commence merchant acquisition business.

The bank is in the process of establishing a subsidiary in
Canada. It operations are expected to start by end of 2010.
Initially, it would invest $25 million as regulatory capital for
the Canadian subsidiary.

Meanwhile, the bank said it would scale up its automated
 teller machine (ATM) base to 8,000 units from the present
3,075 units by 2013. It may incur an expenditure
 of Rs 400 crore to ramp up its ATM network.



On point of sale terminals, its Chairman and 
Managing Director KR Kamath said the bank
 would first cover 10 cities and then gradually extend
 it to other business centres.

PNB to sell 26 pc stake in housing arm

New Delhi, December 9
Punjab National Bank today announced
that it will sell 26 per cent stake in subsidiary
PNB Housing Finance to Destimoney Enterprises 
Private Limited for Rs 79.17 crore.

The bank would sell 78 lakh shares in its
wholly-owned housing finance subsidiary
at Rs 101.5 each, the bank's CMD KR Kamath
told reporters here after signing an agreement
with Destimoney.

Destimoney will have the option to raise its
shareholding in the housing finance company
up to 49 per cent, a Bombay Stock Exchange filing by PNB said. 
Source :PTI