PNB gets nod to open Dubai office

K C Chakrabarty, executive director of Punjab National Bank (PNB), today said the bank has got the necessary approvals for setting up a representative office in Dubai.

"We will try to expand our operations by opening branches or opening a subsidiary," Chakrabarty said.

He added that the bank will also look at overseas acquisitions.

PNB received approval from the UAE central bank on Wednesday to open a representative office in Dubai, Chakrabarty said.

S S Kohli, chairman of PNB, earlier in the day said the bank has received a proposal for opening one more branch in Afghanistan.

Kohli, who is retiring on March 31, said the bank may convert representative offices in Shanghai, London and Kazakhstan into branches or subsisdiary, whichever was suitable.