Kazakhstan cancels PNB subsidiary's licence for failing to meet norms

State-owned Punjab National Bank (PNB) on Friday said the financial regulator of Kazakhstan has revoked licence of its associate for failure to meet prudential standards and other mandatory norms.

PNB holds 41.64 per cent in JSC Tengri Bank, the bank said in a regulatory filing.

The financial regulator of Kazakhstan has revoked the licence of JSC Tengri Bank on account of failure to observe prudential standards and other mandatory norms and limits by the JSC Tengri Bank, it said.

JSC Tengri Bank has nine branches in Kazakhstan.