Punjab National Bank has picked up majority stake in Kazakhstan-based JSC Dana Bank for about $23.7 million. Dana bank has five branches with a total business size of $60 million. Out of which three at Almaty, Pavlador and Karganda are operational and the remaining two at Astana & Taraz shall be soon operationalised. There are plans to open two more branches at Atrau & Akhtau in the year 2011.
This transaction shall be placed for necessary ratification in the General Body meeting of JSC Dana Bank scheduled to be held in Almaty on December 15. This acquisition would allow PNB to penetrate in CIS countries.
PNB has a representative office in Kazakh city Almaty since 1998. The bank, which is present in eight countries, is planning to open few more offices overseas, including Shanghai. It is also looking at setting up a subsidiary in Vancouver, Canada.crackcrack
