Skip to main content

MoneyWorks4Me

PNB plans to acquire majority stake in Kazakhstan-base bank

23 Nov 2009 Evaluate

Punjab National Bank plans to acquire a majority stake in a Kazakhstan-based bank to expand its presence in central Asia. It is trying to take a 74% stake in a bank called Dana Bank in Kazakhstan, subject to RBI approval. The bank has completed due deligence.

                            

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

crackcrack
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
View more..