India's second largest bank, the Punjab National Bank, has chosen Sydney as the location for its first Australian office.
New South Wales (NSW) Premier Barry O'Farrell has welcomed the bank to Sydney and said its presence strengthened the city's position as a leading financial services hub in the Asia Pacific.
"Punjab National Bank has given NSW a vote of confidence by establishing its representative office in Sydney," Mr O'Farrell said.
"The decision to establish in Sydney for the bank's entry into the Australia market reflects the growing sophistication of the State''s financial services sector. The presence of foreign banks in Sydney encourages international companies to invest and do business here.
"Punjab National Bank's presence will help to further cement the very important business relationships our State has with India."
The NSW Department of Trade & Investment and Austrade worked together to bring the Punjab National Bank (PNB) to Sydney.
PNB was established in Lahore in 1895 and nationalised in 1969. The Government of India now owns about 58 per cent of the bank. PNB, now headquartered in Delhi, has more than 5,400 branches, more than 65 million customers in India and about 57,000 staff.
Through subsidiaries and joint ventures, PNB has a presence in the United Kingdom, Norway, Hong Kong, Dubai, China, Nepal, Bhutan, Afghanistan and Kazakhstan.
PNB joins three other Indian banks already in Sydney – the Union Bank of India, the Bank of Baroda and the State Bank of India.
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