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PNB buys control of Kazakhstan's Danabank

09 Feb 2010 Evaluate

Punjab National Bank (PNB) has bought a controlling stake in the small Kazakh lender Danabank. The joint bank plans to focus on financing small and medium-sized businesses in Kazakhstan, particularly in the agricultural sector.

                  

Kazakhstan's banking regulator said last year Danabank, along with several other Kazakh lenders, needed to boost its capital to keep its banking license. Danabank had assets of about $20 million at the beginning of this year.

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Peers
Company Name CMP
State Bank Of India 945.10
PNB 121.00
Bank Of Baroda 233.00
Canara Bank 118.20
Union Bank Of India 184.00
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