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Punjab National Bank is paying about $25 mn towards buying 64% stake in Kazakhstan based-Dana Bank to form a JV PNB Kazakh Bank.This would be its first overseas acquisition. The deal is subject to regulatory approvals from the RBI and Kazakhstan authorities. The JV would have five branches.
Formed in 1894, PNB in the second largest bank in India with about 4,904 branches across 764 cities. PNB has a banking subsidiaryin UK and branches in HongKong and Kabul. It has market cap of Rs 264.3 bn. It posted a PAT of Rs 31,970 mn on revenues of Rs 91,647 mn for the last fiscal.
PNB is also looking at setting up a subsidiary in Vancouver, Canada, and a JV company in Bhutan. Recently, the bank opened a branch in Hong Kong and the UK each. Kazakhstan s financial regulator, Agency of the Republic of Kazakhstan, in the current year had revised the minimum capital requirements for banks operating in the country. As per the new norms, it s mandatory for the local banks to adhere to a minimum capital requirement of $37 mn from October 1, 2009.
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