Allahabad Bank's plans for setting up 40:60 joint venture subsidiary with the Punjab National Bank (PNB) for starting banking operations in Kazakhstan has been put on hold for now. | |
| PNB, the majority stakeholder in the proposed venture, is not ready for the project at present. |
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| Allahabad Bank chairman and managing director A C Mahajan said PNB chairman and managing director S C Gupta had informed that more time was required by the bank to decide on the project. |
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| Since PNB has presence in Kazakhstan, it would be difficult for Allahabad Bank to enter the country without the tie-up with PNB, Mahajan said. |
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| The newly incorporated non-life insurance company Universal Sompo General Insurance Company, in which Allahabad Bank holds 30 per cent stake, would make an application before Irda in February to start operations. |
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| The board held its first meeting recently under the chairmanship of former Allahabad Bank chairman O N Singh. |
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| The bank is also looking at concentrating on lending to businesses which were expanding operations in the country. |
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