PNB comes to Australia
PAWAN LUTHRA on the Sydney launch of PNB
Not only was the Chairman of Punjab National Bank (PNB) Mr KR Kamath present, but also Mr Namo Narain Meena, India ’s Minister of State for Finance, at the launch of the Australian office of PNB in Sydney . The Minister and the Chairman were joined by senior Ministers from the NSW Government, diplomats, business leaders and other dignitaries at a gala dinner hosted at the Hilton Hotel.
NSW Minister for Finance and Services Greg Pearce welcomed the latest addition to international banks which have chosen New South Wales as their head office. Speaking at the dinner, Minister Pearce reminded the guests about the contributions which Indian companies were making to his electorate of Illawara, highlighting Gujarat NRE and Mphasis Australia .
“In fact, I am so excited about the opening of PNB’s representative office in Sydney, that I will be keen to become a customer of the bank as and when they are open to retail banking options,” Mr Pearce announced to all those present.
Taking up the theme, Chairman of Punjab National Bank, Mr Kamath spoke about the bilateral trade between India and Australia having seen a sharp increase to $22.5 billion in the last five years.
“With an Indian population of 450,000 in Australia , this will allow us to add to our overall customer base of 6.6 million,” he said.
Mr Kamath, like all bankers, had a number of figures at his fingertips, reeling them off to the audience.
“Punjab National Bank has over 56,000 employees and in the last financial year made a reporting profit of US $2.3 billion, with a net profit margin of 3.5%. Our rate of equity has been over 20% now for more than 10 years,” he said.
The statement that PNB has 5,300 branches gave rise to wry smiles from the audience, because all the banks in Australia have less than that number! “We are excited about now entering this new market, which is just another step for us to reach out to non-resident Indians globally,” Mr Kamath added.
Addressing the audience, Amit Dasgupta, Consul General of India (Sydney) emphasized that the opening of an office by an Indian bank amidst the ongoing issues of the global financial crisis and the Euro zone issues was an indication of the strength of the Indian banking system.
“ Australia now has some of India ’s leading banks – State Bank of India, Union Bank of India , Bank of Baroda and now, Punjab National Bank, all of which have opened representative offices here,” he said.
The Minister of State for Finance, Government of India, Mr Namo Narain Meena in his speech commended the bank, speaking of its history. “The Punjab National Bank, with its experience gathered over more than 100 years, can play a catalytic role in stimulating commercial ties between the two nations,” he said.
Mr Meena also extolled the virtues of the Indian economy. He did acknowledge the high inflation in India but passed it off as a cause of policy development in a developing country.
“With rainfall good in India , we expect GDP Growth in India to be at least 8% in 2011 – 2012,” he stated confidently.
Representing the Premier Barry O’Farrell was MP Melinda Pavey who told the audience that the Premier was very keen to rediscover links with India .
“In fact, he is looking forward to representing the State in India during his visit to the country in November this year,” she said.
“Investment flows between NSW and India are growing and it is good to welcome a top level bank to our State. The presence of PNB here will further cement the important business relationship our state has with India.” she added.
A memorial plaque was unveiled by the chief guests which will be kept at the Punjab National Bank office in Sydney . Mr. Cyril Michael, the head of operations for PNB in Australia , is excited about his new posting and the challenges which came with the new office, “I look forward to strengthening the bond between my bank and the local Indian Australians,” he promised Indian Link.
