PNB plans to acquire majority stake in Kazakhstan-base bank

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.