India's Punjab National Bank takes over Kazakhstan's Danabank
ALMATY. Feb 8 (Interfax) - India's Punjab National Bank has taken control over Kazakh commercial bank Danabank with an acquisition deal signed Monday in Almaty, an Interfax correspondent reported.
Signatories to the deal documents were Punjab National's Nagesh Paida, head of the Indian bank's offices in Kazakhstan Farid Akhtar, Danabank board of directors chair Beket Kopbosynov, board of directors chair at Investment Company BATT (Danabank's main shareholder) Timur Kuanyshev and co-chair Alfiya Kuanysheva.
The parties to the deal did not reveal the size of the Danabank stake Punjab National Bank has acquired nor the price tag. "It was a large amount. The deal was done with an additional issue," Kuanyshev said. It had been reported earlier that the Indian bank was looking at a 64% stake in the Kazakh bank with an eye to increasing its Central Asian presence.
Danabank ended H1 2009 in 966th place by assets among CIS banks and 33rd among Kazakhstan's on the Interfax-1000 ranking.