Punjab National Bank Approves Acquisition Bid for 63% of Kazakhstan’s Dana Bank

    India's second-largest public sector lender, the Punjab National Bank (PNB), plans to buy a majority stake in a bank in Kazakhstan, for an estimated $24 million, which would be its first overseas acquisition.
    "The board approved acquisition of a 63.6% stake in Kazakhstan-based Dana Bank," the newly appointed Chairman and Managing Director of PNB K R Kamath told reporters after announcing second quarter results.
    The joint venture would have five branches, he said, adding that the bank would now seek necessary regulatory approvals for its operationalisation. The deal will be struck after obtaining approvals from the Reserve Bank and the Kazakhstan authorities, he said.
    PNB has a representative office in Kazakhstan’s southern city of Almaty, according to Business Standard.