The Hindu : Business : PNB opens large corporate branch in Chennai

Online edition of India's National Newspaper
Friday, May 27, 2005

Business

Business

PNB opens large corporate branch in Chennai

Corporate Reporter

CHENNAI: Punjab National Bank is planning to launch further initiatives to improve its operational and financial performance, said S. C. Gupta, who has recently assumed charge as Chairman and Managing Director.

Mr. Gupta was here on Thursday in connection with the inauguration of the bank's Large Corporate Branch (LCB) in Chennai.

Addressing presspersons, Mr. Gupta said to balance the drop in income through treasury operations, the bank was laying greater emphasis on widening the credit portfolio.

The opening up of large corporate branches would quicken the process of distribution of credit. The LCB would report direct to head office and thereby reduce the number of tiers in sanctioning of credit proposals. It would handle accounts of large corporates enjoying credit limit of Rs. 25 crore and above. The bank was also enhancing the credit limit being handled by medium corporate branches from Rs. 2 crore to Rs. 25 crore.

He said already two LCBs were functioning in Mumbai and Delhi. The Chennai LCB was the third one. The bank was planning to open LCB in Bangalore, Ahmedabad and in other cities after assessing the scope of improvement in credit dis- bursements.

A. Balasubramanian, General Manager, Southern Zone, said the zone had achieved substantial growth during 2004-05 and its total business stood ata Rs. 10,136.66 crores.

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