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PNB eyes majority stake in Kazakhstan based bank

Last Updated: Saturday, November 21, 2009 - 21:07

Bangalore: Punjab National Bank plans to acquire a majority stake in a Kazakhstan-based bank to expand its presence in central Asia, its Chairman and Managing Director KR Kamath said here on Saturday.

"We are trying to take 74 percent stake in a bank called
Dana bank in Kazakhstan, subject to RBI approval,” he told a news agency.

He said the bank has completed due diligence, which is now
being whetted. "Once that`s complete, we will look at pricing".

Kamath also said PNB would set a up bank in Bhutan with a
local partner.

PNB has received RBI`s approval for setting up a
subsidiary in the Canadian city of Vancouver.

"We recently made a presentation to monetary authorities of
Canada and they are positive. The process of submitting a
business case is on. The whole process of starting operations
is likely to take one year", he said.

Kamath said PNB would upgrade its Representative Office in
Shanghai in China to a branch.

PTI

First Published: Saturday, November 21, 2009 - 21:07
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