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PNB acquires majority stake in JSC Dana Bank, Kazakhstan
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merisarkar news service
New Delhi, December 14, 2010 |
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PNB acquires JSC Dana Bank
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India's leading Public Sector Bank - Punjab National Bank - is continuously expanding its overseas footprints. PNB has completed the transaction for acquisition of 63.64% stake in JSC Dana Bank Kazakhstan. PNB has acquired 35 Million shares of 1000 Tenge each, at par, for 3.5 Bn Tenge (USD 23.765 Mil approx.), which has raised the capital of JSC Dana Bank to the level of 5.5 Bn Tenge from the existing 2 Bn. Tenge. This transaction shall be placed for necessary ratification, in the General Body Meeting of shareholders of JSC Dana Bank, scheduled to be held in Almaty on 15th December 2010.
Kazakhstan is the largest economy in Central Asia and has strategic importance for India due to growing economic cooperation between two countries at the apex level. PNB has its presence in Almaty, Kazakhstan since 1998 through its Representative Office.
PNB said that having a footprint in Kazakhastan was considered crucial for becoming a truly global bank in foreseeable future.
 Plan to open office in Sydney: PNB |
PNB said in a statement that business interaction between both the countries and many Indian Oil & Gas, Pharmaceuticals and Engineering Companies have already set up offices in Kazakhstan. Further there being no other Indian bank in CIS countries other than Russia, Kazakhstan can be a gateway for CIS countries for tapping India centric business.
JSC Dana Bank has 5 branches, 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 new branches at Atrau & Akhtau in the year 2011.
This would be Bank's 3rd overseas JV after successful JVs with Everest Bank Ltd, Nepal and Druk PNB Bank Ltd., Bhutan. PNB has applied to the Canadian Regulators for setting up of a wholly owned subsidiary in Canada and this would be the second wholly owned overseas banking subsidiary, after PNB International Ltd.(UK), having 5 branches.
The bank informbed that it has also taken up with the regulators in Australia for setting up of its representative Office in Sydney, which would be in addition to the existing representative Offices in Dubai, Almaty, China & Norway.
PNB is also looking to upgrade its Shanghai Representative Offices in China & Oslo in Norway to full fledged branches, which would be in addition to the existing 2 branches in Hong Kong, and a branch each in DIFC, Dubai & Kabul, Afghanistan.
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