Leading Indian bank opens in Australia
12 October 2011
Punjab National Bank, India’s second largest bank, has chosen Sydney as the location for its Australian representative office.
It is the fourth Indian Bank to establish a presence in Australia, and its representative office marks the first step in gaining regulatory approval to become a branch office.
Australia’s financial services and banking sector has a strong regulatory framework and is well regarded internationally, having weathered the financial storm extremely well.
Austrade’s Global Leader for Financial Services, Mr Gary Johnston, said “the strong interest from international banks in establishing a presence here is a reflection of the opportunities offered by a financial services sector with open, stable and well regulated financial markets.”
The decision by Punjab National Bank (PNB) to open in Australia was also welcomed by Austrade’s Mumbai-based Investment Commissioner, Ms Kylie Bell.
“Utilising our presence in Mumbai and New Delhi, we offered a co-ordinated approach to assist their entry into Australia with introductions to the Australian Prudential Regulation Authority, the Reserve Bank of Australia, the NSW State Government and relevant service providers,” Ms Bell said.
PNB was established in Lahore in 1895 and nationalised in 1969. The Government of India now owns a majority stake in the bank, which is headquartered in Delhi. The bank has more than 5,400 branches, over 65 million customers in India and about 57,000 staff.
Through subsidiaries and joint ventures, PNB has a presence in the United Kingdom, Norway, Hong Kong, Dubai, China, Nepal, Bhutan, Afghanistan and Kazakhstan.
“PNB’s decision to enter Australia demonstrates the strong and growing economic relationship between Australia and India, and Australia’s standing as a financial services centre in the Asia-Pacific,” Ms Bell said.
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