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PNB Housing Finance inaugurates seventh branch in Bengaluru

PNB Housing Finance inaugurates seventh branch in Bengaluru ~

~ 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.

PNB Housing Finance inaugurates seventh branch in Bengaluru

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 Varghese said, “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.