PNB charts growth plans overseas with JSC Bank buy - Punjab National Bank Latest News

The country’s second-largest public sector lender, Punjab National Bank (PNB), has charted plans for inorganic expansion in the central Asian country of Kazakhstan, with the decision to acquire a 64% stake in JSC Dana Bank for $24 million by 2010. The acquisition of JSC Dana Bank will help the bank to expand its operations in central Asia and Russia.

It already has clearances and regulatory approval from RBI in the central Asian republic. The bank will shortly start a subsidiary in Canada to tap its huge Punjabi population. It plans to open a representative office in Sydney besides upgrading its representative offices in China and Norway. PNB is hopeful of achieving 20% growth in credit and 22% growth in deposit in this fiscal. Besides, it is planning to launch micro insurance products in 3-4 months, for which it is in talks with some insurance companies.

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Company Name	CMP
State Bank Of India	988.70
PNB	116.65
Bank Of Baroda	233.95
Canara Bank	123.00
Union Bank Of India	177.85
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Company Name

CMP

State Bank Of India

988.70

PNB

116.65

233.95

123.00

177.85

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