PNB to acquire overseas bank

Mumbai: Punjab National Bank (PNB) plans to acquire Dana Bank in Kazakhstan as part of expanding its operations in the region.

PNB also has plans to set up subsidiaries in Canada and Kazakhstan over the next one year and is looking to expand in South Africa, Indonesia and Ghana for expansion later. It has also applied for opening branches in Norway and Austaralia .

The bank will also open subsidiaries in Canada and Kazakhstann and is expecting to get approval for the Canadian subsidiary by June this year. Presently, the bank has branches in Hong Kong, Kabul and Dubai and representative offices in Shanghai and Dubai.

It plans to upgrade the Shanghai repo office to a full fledged branch over the next one year. PNB has four branches in Britain and also have joint venture operations in Nepal and Bhutan.