Granting of banking licence to Punjab National Bank

The Hong Kong Monetary Authority announced today (Thursday) that the Monetary Authority has granted a banking licence to Punjab National Bank (PNB) under the Banking Ordinance. The granting of this banking licence took effect on 16 May 2007.

PNB is incorporated in India in 1894. According to The Bankers, July 2006 issue, PNB is the 4^th largest bank in India in terms of total assets.

After the granting of a banking licence to PNB, the number of licensed banks in Hong Kong has increased to 139.

For further enquiries, please contact:
Sara Yip, Manager (Press), at 2878 8246 or
Peggy Lo, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
17 May 2007