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, its chairman and managing director KR Kamath said here today.

"We are trying to take a 74% stake in a bank called Dana Bank in Kazakhstan, subject to RBI approval", he said. He said the bank has completed due deligence, which is now being whetted. "Once that's complete, we will look at ricing".

Kamath also said PNB would set a up bank in Bhutan with a local partner.

PNB has received the RBI's approval for setting up a subsidiary in the Canadian city of Vancouver.

"We 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", he said.

Kamath said PNB would upgrade its Representative Office in Shanghai in China to a branch.