Business Daily from THE HINDU group of publications
Sunday, Oct 11, 2009
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Business Daily from THE HINDU group of publications Sunday, Oct 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Mergers & Acquisitions
Mr Nagesh Pydah, Executive Director, Punjab National Bank, and Mr G.R. Sundaravadivel, Director, at a press conference in Chennai, on Saturday. — Our Bureau Chennai, Oct.10 To expand its presence in central Asia, Punjab National Bank (PNB) expects to acquire a controlling stake in Kazakhstan-based Kazakh Lender Metrokombank shortly. On the sidelines of launching PNB Vidyalakshyapurti – scholarship loans to meritorious students who are financially weak — Mr Nagesh Pydah, Executive Director, PNB, said talks were in advanced stage on finalising a deal to acquire a controlling stake in the Kazakh-based bank and therefore, get a toe-hold in central Asia and CIS countries. To set up a bank in Kazakhstan, the regulatory framework requires an investment of $30 million. If PNB acquires a controlling stake it would have to invest about $16 million (about Rs 80 crore), he said. Mr Pydah said that the growth envisaged for PNB in the next five years would require Rs 16,000 crore. This would be funded by internal accruals as also the bank pitching for the loan approved by World Bank worth $2 billion to the Indian banking sector, he said. New business The bank is venturing into new businesses such as merchant banking, loan syndication and technical valuation by setting up PNB Investment Services with an investment of Rs 25 crore. To facilitate factoring business, a subsidiary called PNB Factoring would be operational shortly, he said. The bank has obtained permission from the Reserve Bank of India to set-up a joint venture company with FIMBank (Malta) for factoring and trade finance related activities. PNB net up 62% on treasury income, credit growth PNB to infuse $50 m more in UK subsidiary More Stories on : Mergers & Acquisitions | Overseas Investments | Public Sector Banks | Punjab National Bank
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