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PNB optimistic of making Dana Bank profitable in a year

January 17, 2011‐ New Delhi

India-based Punjab National Bank (PNB) that acquired a majority stake in JSC Dana Bank via a Kazakhstan-based joint venture said today that the bank will turn profitable for PNB in about a years' time. PNB has 63.6 per cent stake in the bank acquired for about USD 23.7 million (about Rs 104 crore).

Dana Bank has three branches at Almaty, Pavlador and Karganda that are already operational. Two more branches Astana & Taraz will become operationalised soon while two more branches will be opened during the year, one at Atrau and the other at Akhtau.

PNB is betting on Dana Bank's turnaround story because of India's increasing ties with Kazakhstan. A business media outlet has reported that PNB Chairman and Managing Director K R Kamath has said that the last month acquired Dana will become profitable in a year with considering more Indian companies are operating there.

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