PNB Buys Kazakhstan's Bank

Punjab National Bank (PNB), India's second largest public sector lender, Monday said it has bought 63.64% stake in Kazakhstan's JSC Dana Bank.

PNB has acquired 35 million shares of 1,000 Kazakhstan tenge ($6.78) each at par for 3.5 billion Kazakhstan tenge ($23.765 million), PNB said in a regulatory filing to the Bombay Stock Exchange (BSE).

JSC Dana Bank shareholders are scheduled to meet Dec 15 to give its nod to the deal.

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