Dana Bank

JSC Dana bank stake for PNB gives it an upper hand in the market

JSC Dana bank stake for PNB gives it an upper hand in the market

After the market ended on Monday, an important announcement followed from the house of Punjab National Bank. It had bought a controlling stake in JSC Dana Bank, Kazakhstan.

The stake was 63.64% of the total stake, which PNB bought for 3.5 billion Tenge or $23.76 million by buying 35 million shares of the company. The average daily volume in the last one quarter was of 57,121 shares but 6373 shares alone were traded at the counter in one day.

Punjab National Bank to buy Kazakhstan‘s JSC Dana Bank

K R Kamath

Punjab National Bank the public sector bank has proposed to buy over stake in the JSC Dana Bank according to the MD K R Kamath. PNB which is planning to buy 64% stake in the Kazakhstan bank will spend over $24 millions or Rs. 111.30 Crore for the stake in the Kazak banks. The bank is likely to increase their funds for the needed expansion plans are trying to raise $100 million for the move.