PNB to set up banking arm in Bhutan

Punjab National Bank (PNB) has been accorded in-principle approval for setting up Druk PNB Bank Ltd by the Royal Monetary Authority of Bhutan. Druk PNB Bank Ltd is a joint venture bank between PNB and Bhutanese Promoters. PNB is India's second largest PSU bank and maintains a dominant position in North India. PNB provides a wide variety of services, which include corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking.

Recently, PNB announced that it will raise Rs 500 crore as PNB upper tier II bonds series VI through private placement.