PNB to expand its presence in Central Asia
Bangalore | Saturday, Nov 21 2009 IST
 

With a view to expand its presence in Central Asia, Public Sector Punjab National Bank (PNB) will acquire a 74 per cent stake in Kazakhstan-based Dana Bank, subject to approval by Reserve Bank of India (RBI), according to its Chairman and Managing Director K R Kamath.

Talking to newspersons here today, Mr Kamath said the bank would be opening soon a joint venture bank in Bhutan involving a local partner and a branch at the DIFC, United Arab Emirates. The bank had obtained RBI approval to set up a subsidiary at Vancouver in Canada and had given a presentation to the monetary authorities in this regard. The response was positive, he said, adding the bank would upgrade its representative office at Shanghai in China to a branch. To queries, Mr Kamath said the bank was also concentrating on consolidation process with a view to strengthen its presence in West and South regions within the country. The bank had a total business of Rs 8,600 crore in Karnataka circle which had 54 branches. He said the bank had launched an ambitious 'Project Namaskar' under which one lakh touch points would be established in unbanked villages by 2013 to extend the bank's outreach and create a large customer base. Stating that the bank had earned a net profit of Rs 1,759 crore during the half year ended September last, he said the bank's vision was to cross Rs ten lakh crore business and enlist 150 million customers base by 2013.

-- (UNI) -- 21MC8.xml

 

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