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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.

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Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
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