PNB buys control of Kazakhstan's Danabank

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.