Punjab National Bank, a major India-based bank, staged a
ceremony Wednesday to officially launch its commercial banking
operations in China's southern special administrative region of
Hong Kong.
The new branch will be offering a full spectrum of banking
facilities, including checkable accounts, deposit products, trade
finance and loan syndication, the bank said, adding that it was
critical to the bank's strategy of expanding its operations
overseas and meeting the needs of its main customers who have
opened offices in China.
"Hong Kong is the bank's gateway to the Chinese mainland. The
trade between China and India has already reached the figure of 38
billion U.S. dollars," K C Chakrabarty, chairman and managing
director of the India-based bank, said at the ceremony.
Target for bilateral trade between China and India had recently
been revised to 60 billion U.S. dollars at a meeting of national
leaders from both sides, he said, noting that Hong Kong was the
only financial center outside China's mainland where renminbi
transactions were permitted and most of the trade was routed
through Hong Kong.
"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
center," said John Tsang, Hong Kong's financial secretary.
Established in 1895 in Lahore, Punjab National Bank has built a
customer base of over 35 million and has 4,540 offices and 421
extension counters.
The bank said it has also started the process to upgrade its
Shanghai representative office into a full-fledged commercial
banking branch.
(Xinhua News Agency January 31, 2008)
