Punjab National Bank taps Punjabi immigrants in Canada

Lender focuses on retail markets after learning from its success in British market.

Punjab National Bank, a relatively late entrant in global markets, has learned from its UK experience that its brand name can translate into business success, and it is now targeting the large Punjabi diaspora of Canada as its next stop.

Says KR Kamath, Chairman and Managing Director of Punjab National Bank, "Our global strategy has always been a little differentiated. Instead of focusing on the corporate finance side, we've focused on retail markets. We are hoping to get all regulatory clearances to start operations in Canada by the end of this financial year."

After Hong Kong, Nepal, Bhutan and Kabul, the UK is PNB's first major global experience.

Along with plans for Canada, PNB is acquiring a controlling stake in a Kazakhstan bank JSC Dana as an entry point into Russia, and is setting up its first beachhead in Dubai this year. Mr Kamath says the bank is open to more acquisitions, but it all depends on the opportunities and options.

View the full report in the Economic Times.