PNB Enters Into A JV To Provide Trade Finance Services
Punjab National Bank has entered into a JV with Malta based - FIM Bank, Italian Banca IFIS and Mumbai based Blend Financial Services for providing factoring, forfeiting and trade finance services.
Established in 1984, PNB is the second largest PSU bank in India with about 4,904 branches across 764 cities.
PNB has a JV with Everest Bank in Nepal that permits migrants to transfer funds easily between India and Everest Bank's 12 branches in Nepal.
Formed in 1997, Blend Financial Services Ltd offers advisory and consultancy services for successful syndication of fund raising needs of the Indian and Overseas corporates.
Banca IFIS provides financing and management assistance primarily to SMEs through factoring in Italy.
FIM Bank provides short-term international trade finance to corporate traders and acts as an intermediary to other financial institutions for international settlements, forfaiting and loan syndications.
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