The Punjab National Bank has opened a branch on the Soho Road with the creation of five jobs.
The Birmingham branch is the fourth of a number of openings planned for the bank in 2009/10 which include Wolverhampton, Manchester and London in addition to its existing branches in Southall, Leicester and the City of London.
The new Birmingham branch was inaugurated by Coun Mike Whitby, Leader of the Birmingham City Council in an opening timed to coincide with the celebration of the festival of Vaisakhi.
Dr KC Chakrabarty, chairman and managing director of Punjab National Bank, said: “The UK market represents an excellent opportunity for Punjab National Bank and Birmingham being the second largest city of UK, with its large Asian population, made it an ideal location for the opening of our branch.
“This opening of a new branch demonstrates that the bank is largely unaffected with the current economic crisis. PNB demonstrates that business is as usual and the group is quite strong in managing this financial turmoil.”
He stressed that ample liquidity is available to lend to individuals and business around UK.
The bank was set up in 1895 and is the third largest in India in terms of assets and second largest in terms of branch network, with more than 4,500 offices.
Coun Mike Whitby said: “India represents a formidable array of mutually beneficial opportunities for Birmingham businesses and the presence of one of India’s largest banks opening in Birmingham goes on to prove that the city is growing even in the current difficult times when UK financial services industry is significantly affected.”