Punjab National Bank (PNB), the India-based public lender, has said that its joint venture in Bhutan, Druk PNB Ltd and Dubai branch are set to commence operations from January 2010, reported Business Standard.
PNB will hold 51% stake, while Sanghi Wangchuk, the local partner will hold 19% in the joint venture that has a paid-up capital of INR300m. The remaining 30% will be with the public.
KR Kamath, chairman and MD of PNB, said: “We are doing a soft launch of the Dubai branch. It will be in operation from January, 2010. The branch would be based at the Dubai International Financial Centre (DIFC).”
PNB is in the process of upgrading its Shanghai (China) representative office to a branch. It is also seeking approval for setting up a subsidiary in Vancouver, Canada. Mr Kamath added: “We recently made a presentation to monetary authorities of Canada and they are positive. The whole process of starting operations is likely to take one year, reported the newspaper.”
