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.