Allahabad-PNB JV in Kazakhstan by May

New Delhi, March 28 | Updated: Mar 29 2005, 05:30am hrs
Punjab National Bank and Allahabad Bank plan a 60:40 joint venture in Kazakhstan at an initial investment of Rs 100 crore in the next two months.

PNB and Allahabad Bank have already got the Reserve Bank of Indias nod to float a subsidiary in Kazakhstan and will now need an approval from monetary authorities there, Allahabad Bank chairman ON Singh said.

It will take another two months to start a subsidiary in Kazhakstan, he said.