Punjab National Bank (PNB) is looking beyond the Indian borders for growth opportunities. It is targeting 100 per cent growth in overseas revenues in the next three years, chairman and managing director, Mr K.R. Kamath said.
PNB would be launching a subsidiary in Canada to cater to its large Punjabi-dominated Indian expatriate population. It already has a network of five branches in the United Kingdom. “We are also planning to start a representative office in Sydney, Australia. Our offices in Norway and China would also be upgraded,” Mr Kamath stated. India’s second largest public sector bank is also planning to acquire Kazakhstan based JSC Dana Bank for a consideration of $24 million.
“This buyout would help us gain a toehold in the central Asia and Russia region. The Reserve Bank of India has already cleared the deal while approval is awaited from the Kazakhstan authorities,” he said.
The bank is in the process of raising $100 million through debt to fund its global growth ambitions. “We are conducting road shows for this. We may use the Greenshoe option if required,” he adds.