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PNB eyeing acquisition of bank in Kazakhstan

CHENNAI. October 14. KAZINFORM. Punjab National Bank was scouting for acquisition of a bank in Kazakhstan as part of its plans to expand its presence, a top bank executive said on Saturday; Kazakh Embassy in the USA informs referring to PTI. "There are lot of opportunities (in Kazakhstan). A high level delegation has visited the place and it is very much on our radar (for acquisitions)" Punjab National Bank executive director Nagesh Pydah told reporters. Presently, Punjab National Bank has a representative office at Almaty in Kazakhstan. The bilateral trade between India and Kazakhstan stood at $5.5 billion, he said. To a query,Pydah said it would have a controlling stake in any bank which it was planning to acquire. "We will acquire 51% stake in a bank (when we acquire)," he said. In addition to this, the bank would open a 100% subsidiary in Vancouver and would convert its representative office at Dubai to a branch. Pydoh was in Chennai to announce the bank's tie-up with Ernst and Young Foundation to offer scholarship loans for about 5,000 economically weak students; Kazinform cites PTI.

Resourse: Kazinform

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