PUNJAB NATIONAL BANK
[ PNB ]
- Industry: Banking, Financial services
- Founded: Lahore (1895)
- Headquarter: New Delhi, India
- Products: Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
- Revenue: US$ 5.649 billion (2010)
- Net income: US$ 882.4 million (2010
- Total assets: US$ 67.422 billion (2010)
- Total equity: US$ 4.204 billion (2010)
- Employees 56,928 (2010)
- Website www.pnbindia.in
PNB, was founded in 1894 and is currently the second largest state-owned commercial bank in India ahead of Bank of Baroda with about 5000 branches across 764 cities. It serves over 37 million customers. The bank has been ranked 248th biggest bank in the world by the Bankers Almanac, London. The bank’s total assets for financial year 2007 were about US$60 billion. PNB has a banking subsidiary in the UK, as well as branches in Hong Kong, Dubai and Kabul, and representative offices in Almaty, Dubai, Oslo, and Shanghai.
Punjab National Bank is one of the Big Four banks of India, along with ICICI Bank, State Bank of India, Bank of Baroda and HDFC Bank—its main competitors.
1895: PNB commenced its operations in Lahore.
1904: PNB established branches in Karachi and Peshawar.
1940: PNB absorbed Bhagwan Dass Bank, a scheduled bank located in Delhi Circle.
1947: At the Partition of India and the commencement of Pakistani independence, PNB lost its premises in Lahore, but continued to operate in Pakistan. PNB had already shifted its registered office from Lahore to Delhi in June 1947 — even before the announcement of the Partition.
1951: PNB acquired the 39 branches of Bharat Bank (est. 1942); Bharat Bank became Bharat Nidhi Ltd.
1961: PNB acquired Universal Bank of India.
1963: The Government of Burma nationalized PNB’s branch in Rangoon (Yangon).
September 1965: After the Indo-Pak war the government of Pakistan seized all the offices in Pakistan of Indian banks. PNB also had one or more branches in East Pakistan (Bangladesh).
1960s: PNB amalgamated Indo Commercial Bank (est. 1933) in a rescue.
1969: The Government of India (GOI) nationalized PNB and 13 other major commercial banks, on 19 July 1969.
1976 or 1978: PNB opened a branch in London.
1986: The Reserve Bank of India required PNB to transfer its London branch to State Bank of India after the branch was involved in a fraud scandal.
1986: PNB acquired Hindustan Commercial Bank (est. 1943) in a rescue. The acquisition added Hindustan’s 142 branches to PNB’s network.
1993: PNB acquired New Bank of India, which the GOI had nationalized in 1980.
1998: PNB set up a representative office in Almaty, Kazakhstan.
2003: PNB took over Nedungadi Bank, the oldest private sector bank in Kerala. At the time of the merger with PNB, Nedungadi Bank’s shares had zero value, with the result that its shareholders received no payment for their shares.
PNB also opened a representative office in London.
2004: PNB established a branch in Kabul, Afghanistan.
PNB also opened a representative office in Shanghai.
PNB established an alliance with Everest Bank in Nepal that permits migrants to transfer funds easily between India and Everest Bank’s 12 branches in Nepal.
2005: PNB opened a representative office in Dubai.
2007: PNB established PNBIL – Punjab National Bank (International) – in the UK, with two offices, one in London, and one in South Hall. Since then it has opened a third branch in Leicester, and is planning a fourth in Birmingham.
2008: PNB opened a branch in Hong Kong.
2009: PNB opened a representative office in Oslo, Norway, and a second branch in Hong Kong, this in Kowloon.
2010: PNB received permission to upgrade its representative office in the Dubai International Financial Centre to a branch.
7, Bhikhaiji Cama Place,
New Delhi- 110607
Tel: 011-26102303 011-23323654
Fax: 011-26196456 011-23711663
Group: Public Sector
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