Punjab National Bank, India's state-lender, plans to open a Dubai office and raise up to Rs 17,500 crore for growth.

Punjab National Bank (PNB), India's state-owned lender, is expanding its global presence by opening a representative office in Dubai, pending regulatory approvals. The move aims to boost profitability, increase non-interest income, and fund growth through raising capital up to Rs 17,500 crore from Tier I and Tier II bonds and share sales. PNB targets a credit growth of 11-12% and a deposit growth of 9-10% in the current financial year.

June 09, 2024
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