Punjab National Bank (PNB) is in the process of acquiring a bank in Kazakhstan with a paid-up capital of $15 million to $25 million, said PNB chairman and managing director KC Chakrabarty.
?We are looking for a bank in Kazakhistan. We are looking for a capital of $15-20 million, maximum $25 million paid-up capital including reserves,? he said. PNB, which is yet to receive approval from the Reserve Bank of India (RBI) for its acquisition plans in Kazakhistan, said it was currently in talks with banks in Kazakhistan and an announcement was likely ?anytime.?
Chakrabarty added that if the bank failed to find a suitable prospect, it would be open to the options of either forming a joint venture or setting up its own branch there. Vancouver, Canada, which hosted a large population of migrants from Punjab, was also on the radar of the bank, which planned to set up a subsidiary there. ?Our brand is Punjab, so we will go there (Vancouver),? Chakrabarty said.
The bank had also received approval from the RBI to form a 51:49 joint venture in Bhutan and is currently awaiting approval from the Central Bank of Bhutan. With offices in London and a representative office in Norway, PNB is also planning to upgrade its representative office in Shanghai, China and open an office in Dubai, United Arab Emirates.
Chakrabarty also added that the bank was not facing any problems with liquidity and was eyeing 22-25% year-on-year growth in net profit and 20% annual growth in its business during the current financial year.