Public sector lender Punjab National Bank has made full plans to start operations in Canada. The bank plans to set up a subsidiary there and has estimated a capital of Rs 100 crore for the same.
The offshore operations of the lender presently reach out to England, China and Dubai.
"We will be setting up our subsidiary there. It will initially serve the Indians living there. A capital of Rs 100 crore will be required," Punjab National Bank Chairman & Managing Director K R Kamath said.
"We want to increase our presence their by setting up more branches. When we entered London, we had required capital of a similar amount to establish a subsidiary there. Today, we have seven branches in London alone," he added.