Indian public sector lender Punjab National Bank is set to close or relocate 200 to 300 loss-making branches over the next 12 months, as a part of its consolidation strategy.

The lender has formed a committee of senior officials to prepare a detailed report and devise strategies accordingly.

PNB managing director and CEO Sunil Mehta said: “We have closed 2 or 3 branches so far. One of our departments is working on it. We have identified about 200-300 loss-making branches. So, either we will prepare a plan for revamping them, or merger, closure or reopening them at other locations.”

Mehta said that the priority of the bank would be to convert loss-making branches into profit-making branches by tweaking their business strategy.

PNB had a network of 6,940 branches, 9753 ATMs and 8224 BC outlets at the end of September 2017. The bank currently offers services to 100 million customers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.