PNB Kazakhstan to work initially with Indian companies only
September 8. Interfax-Kazakhstan. Almaty
The Punjab National Bank Kazakhstan (PNB Kazakhstan) is going to serve only Indian companies working in the country at the first stage of its operation.
“When you open business in a new country you always have to work with your domestic companies initially. And then, after gaining experience you start looking for new clients,” the Chairman and Managing Director of PNB Kasargod Ramachandra Kamath told a press conference in Almaty on Thursday.
According to him, PNB Kazakhstan is entering a new stage of attracting clients. The managing director noted that the bank’s Kazakhstani branch was not planning for any loans or bond issues. “If the Kazakhstani branch needs additional financing, it can always apply to the parent bank,” he emphasized.
As reported, Danabank was renamed to PNB Kazakhstan in July this year. The decision on the renaming was taken after Punjab National Bank acquired a controlling stake in the bank.
PNB signed a deal to purchase the controlling stake in February 2010. The deal was completed in December the same year. The cost of 63.64% of shares was 3.5 billion tenge. The Indian bank entered the capital of Danabank by purchasing an additional issue of its shares.
In 2010 PNB Kazakhstan was ranked 887th by asset size among the CIS banks and 32nd among the Kazakhstani banks according to the Interfax-1000 ranking prepared by the Interfax Center of Economic Analysis.