Punjab National Bank (PNB), India's second largest public sector bank, is ready to enter into the Canadian market by setting up a subsidiary with an estimated capital of Rs 100 crore. The bank will initially serve the Indians living there. The bank aims to enhance its presence in Canada by setting up more branches.
Currently the bank has operations in countries such as England, China and Dubai. Canada would be the latest foray of the bank in the overseas market. The bank has seven branches in London alone. It had recently set up a representative office in Norway and planned to open a similar one in Australia.
The bank is also planning to enter life insurance business and it is deciding about a partner in the coming quarter as the bank was holding talks with the three shortlisted life insurance companies -- Aviva, MetLife and BhartiAXA.
The bank’s net profit for the quarter ended March 31, 2011 increased by 5.80% at Rs 1200.90 crore whereas the same was at Rs 1135.03 crore for the quarter ended March 31, 2010. Its total income has surged by 32.89% at Rs 8585.65 crore for the quarter under review whereas the same was at Rs 6460.78 crore for the corresponding quarter of the previous year.
Company Name | CMP |
---|---|
SBI | 832.35 |
Bank Of Baroda | 269.30 |
PNB | 126.60 |
Canara Bank | 117.65 |
Union Bank Of India | 152.55 |
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