PNB buys control of Kazakhstan's Danabank

Punjab National Bank | Bank - Public | BFSI | BSE: 532461 | NSE: PNB

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	997.00
PNB	116.65
Bank Of Baroda	237.80
Canara Bank	123.90
Union Bank Of India	178.00
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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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