~ PNB Housing Finance inaugurates seventh branch in Bengaluru ~  

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Photo caption: From L to R – Mr. Sunil C – Regional Business Head,PNB Hosuing, Mr. Srinivasa Gowda, Former Minister of Agriculture, Govt of Karnataka, Mr. Vinod Reddy, Zonal Business Head, PNB Hosuing, Mr. Sajith Kumar – Branch Business Head.
~ Takes total branch network in South India to 18 ~

 

Bengaluru, June 22, 2017: PNB Housing Finance, the 29-year-old public sector finance company, today inaugurated a new branch at Kasturi Nagar, Benniganahalli Ward in northeast Bengaluru as part of its expansion in Karnataka.

 

The branch was inaugurated in the presence of Mr. Srinivasa Gowda, Former Minister of Agriculture, Govt of Karnataka, Mr. Vinod Reddy, Zonal Business Head, PNB Housing Finance along with other dignitaries.

 

The new branch is located at Located at 141, 1st floor, 3rd Main Road, Kasturi Nagar, NGEF East, Benniganahalli Ward, Bengaluru.With this, the Company will have seven branches in Bengaluru and a total of 18 branches in South India. The move is in line with the company’s plans to establish its footprint in high-potential regions and gain a bigger market share in South India.

 

PNB Housing Finance Business Head and General Manager Shaji Varghesesaid, “South is one of the key regions for housing finance industry. The region accounts close to one-third of PNB Housing’s retail business. Bengaluru is leading the growth of PNB Housing in southern markets, contributing more than 50% of the company’s southern retail business. Now with RERA also coming into effect, we see the consumer sentiments going optimistic with regards to further investment in the sector. We plan to capitalise on this robust scenario by affirming our presence through opening new branches in key areas.”

 

PNB Housing Finance has a total of 64 branches across 39 towns and cities. In FY2016-17, the Company sanctioned loans worth INR 23704 crores while the total retail disbursement was INR 15766 crores. In the current fiscal, the Company plans to open a total of 23 new branches across India, with a majority of these located in western and southern regions.

 

About PNB Housing Finance Limited

 

PNB Housing Finance Limited (NSE: PNBHOUSING, BSE: 540173) is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company got listed on the Indian stock exchanges on 7th November, 2016. The Company offer its retail customers “housing and non-housing loans”. The Company is also into construction finance loans to real estate developers for residential housing. PNB Housing Finance is a deposit taking Housing Finance Company.

 

Safe Harbour Statement

 

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this release is only current as of its date. Certain statements made in this release may not be based on historical information or facts and may be “forward looking statements”, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions in India. This communication is for general information purpose only, without regard to specific objectives, financial situations and needs of any particular person. This release does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The Company may alter, modify or otherwise change in any manner the content of this release, without obligation to notify any person of such revision or changes. This release cannot be copied and/or disseminated in any manner.

 

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