Punjab National Bank (PNB), India's largest nationalized bank, has received a license to operate from the Dubai International Financial Centre (DIFC).
The Dubai office of Punjab National Bank will offer an array of financial services to corporate and professional clients. The bank aims to become one of the region's preferred corporate finance and investment banking service providers.
Abdulla Mohammed Al Awar, CEO of the DIFC Authority, explained that: "DIFC is the ideal gateway for Punjab National Bank to launch its operations in the MENA region, particularly as India-GCC trade volumes continue to grow positively.”
“We are delighted to welcome Punjab National Bank to the DIFC family, and look forward to a fruitful partnership that could serve to stimulate further financial and investment linkages between the two exciting markets."
Raj Kumar Nair, CEO of the bank’s new DIFC HQ, added: "We are pleased to launch our banking operations in Dubai, a dynamic city that offers rich opportunities in the financial services sector. Its geographical positioning makes it a vital hub for international business. It is the ideal strategic hub for PNB to tap growth opportunities in this region. Our DIFC branch will serve as a base for targeting the entire Middle East and Africa region."
He concluded: "As interest on deposits maintained with DIFC banks are entirely tax free, unlike many other major markets, PNB Dubai expects a large number of big ticket deposits from investors outside the UAE market."
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