Punjab National Bank Granted License to Operate from DIFCPress Release06 Jan 2010 07:11 am
DIFC is Strategic Base for Bank's Middle East and Africa Operations
Punjab National Bank (PNB), India's No.1 ranked nationalized bank, has received a license to operate from the Dubai International Financial Centre (DIFC).The Dubai office of Punjab National Bank will offer an array of financial services to corporate and professional clients. By strategically locating itself in DIFC, the bank aims to become one of the region's preferred corporate finance and investment banking service providers.
Abdulla Mohammed Al Awar, CEO,DIFC Authority said, "DIFC is the ideal gateway for Punjab National Bank to launch its operations in the MENA region, particularly as India - GCC trade volumes continue to grow positively. We are delighted to welcome Punjab National Bank to the DIFC family, and look forward to a fruitful partnership that could serve to stimulate further financial and investment linkages between the two exciting markets."
Mr. Raj Kumar Nair CEO, PNB, DIFC, Dubai said "We are pleased to launch our banking operations in Dubai, a dynamic city that offers rich opportunities in the financial services sector. Its geographical positioning makes it a vital hub for international business. It is the ideal strategic hub for PNB to tap growth opportunities in this region. Our DIFC branch will serve as a base for targeting the entire Middle East and Africa region."
He added: "As interest on deposits maintained with DIFC banks are entirely tax free, unlike many other major markets, PNB Dubai expects a large number of big ticket deposits from investors outside the UAE market. From the new office, we will be offering a range of world-class corporate finance services including trade finance, credit for long and medium-term projects and investment related services.
Mr. Nair has considerable specialised experience in different facets of banking and has vast exposure to the industry by virtue of having worked in all the metropolitan cities of India. He also has exposure of different GCC countries. In November 2009, he was a member of the Confederation of Indian Industries' (CII) business delegation to Sharjah.
Mr.Nair further said: "By serving the needs of corporate and professional clients in both the MENA region and India, PNB Dubai can serve as a catalyst for enhanced economic cooperation and dialogue between the two fast-growing markets."