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Punjab National Bank, a major India based bank commenced commercial banking operations in Hong Kong on December 17, 2007 and organised a formal inauguration function at 10am at its branch premises, Unit 1003, 10/F, Li Po Chun Chambers, Central, Hong Kong. The Financial Secretary, Mr John C Tsang, was the chief guest and Dr K C Chakrabarty, Chairman and Managing Director had come from India to preside over the function.
The Hong Kong branch is a full fledged banking branch of Punjab National Bank and will be offering the full spectrum of banking facilities, including checkable accounts, deposit products, trade finance and loan syndication. This new branch is critical to the bank's strategy of expanding its operations overseas and meeting the banking needs of its main customers who have opened offices in China and Hong Kong. The establishment of a treasury function in the Hong Kong branch will complement the existing London and India treasuries so Punjab National Bank can offer services across all time zones.
In 2006, trade between China and India accounted for US$38 billion annually, and this figure is forecast to double by 2010. Speaking on this occasion Dr K C Chakrabarty, Chairman and Managing Director, Punjab National Bank said at the opening ceremony, "Hong Kong is the bank's gateway to the Chinese mainland. The trade between China and India has already reached the figure of US$38 billion. During the recent visit of the Indian Prime Minister to China, in a meeting with the Chinese Premier the target has been revised to US$60 billion." This is because Hong Kong is the only financial centre outside mainland China where Remninbi transactions are permitted, and therefore most of this trade is routed through Hong Kong.
Acting Director-General of Investment Promotion, Mr Charles Ng, welcomed this new investment. He said, "Hong Kong is Asia's undisputed international financial centre, with a well-regulated financial infrastructure and simple and low taxation. Our unique free trade deal with Mainland China allows Hong Kong-based companies of any nationality to enjoy greater access to opportunities in Mainland China. The opening of this new Hong Kong branch will ensure that Punjab National Bank can continue to successfully build its overseas business."
The opening ceremony officiated by Mr Tsang. Mr Tsang in his address congratulated Punjab National Bank and conveyed his good wishes by saying, "I am delighted that the Bank has chosen Hong Kong as one of its first overseas bridgeheads in its global expansion strategy. It is a clear testament to this city's status as a global financial centre.กจ
Punjab National Bank was established in 1895 in Lahore. In its 112-year history of sound and prudent banking, the bank has built a customer base of over 35 million customers served through 4 540 offices and 421 extension counters. Its clients include conglomerates, medium and small industrial enterprises, exporters, non-resident Indians and multinationals. The bank plans to further strengthen the China- Hong Kong-India banking channel, and has started the process to upgrade its Shanghai representative office into a full-fledged commercial banking branch. For further information, please visit the website at www.pnbindia.com.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish or expand a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Wednesday, January 30, 2008
Issued at HKT 17:09
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