PNB needs Kazak regualtory nod for acquiring Dana Bank
By Vaibhav Aggarwal
Oct 29, 2010
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Public sector lender, Punjab National Bank is in wait for regulatory nod from Kazakhstan so that it can go ahead with the process of acquiring Dana Bank.

"We are in process of completing formalities. We have submitted application (to acquire Kazakhstan-based Dana Bank) to the regulator there," PNB Chairman and Managing Director K R Kamath said.

"I am quite hopeful that things would fall in place and approval would come," he said.

With acquisition of Dana Bank, PNB's route to commonwealth independent states (CIS) countries will also increase.

The bank currently has a representative office in Kazakh city Almaty.

On capital raising plan, Kamath said the bank has a headroom of Rs 7,200 crore under Tier II.


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