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| PNB to acquire 63% stake in Dana Bank of Kazakhstan |
| Press Trust of India / New Delhi Oct 29, 2009, 17:28 IST |
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The country's second-largest public sector lender, Punjab National Bank (PNB), today said it plans to buy a majority stake in a bank in Kazakhstan, for an estimated $24 million, which would be its first overseas acquisition.
"The board today approved acquisition of 63.6 per cent stake Kazakhstan-based Dana Bank," the newly appointed Chairman and Managing Director of PNB K R Kamath told reporters after announcing the second quarter numbers.
The joint venture would have five branches, he said, adding that the bank would now seek necessary regulatory approvals for operationalisation of the JV. The deal would be done after obtaining approvals from the Reserve Bank and the Kazakhstan authorities, he said.
The deal size is expected to be $24 million (about Rs 115 crore).
PNB has a representative office in Kazakh city Almaty. The bank, which is present in eight countries, is planning to open few more offices overseas, including in Shanghai.
It is also looking at setting up a subsidiary in Vancouver, Canada, and a joint-venture company in Bhutan. Recently, the bank opened a branch in Hong Kong and the UK each.
The bank reported a 31.1 per cent growth in net profit at Rs 927 crore for the second quarter ended September.
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