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Article: Allahabad Bank, PNB plan Kazakh joint venture
- Article from:
- The Hindustan Times
- Article date:
- July 8, 2006
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Kolkata, July 8 -- Allahabad Bank and Punjab National Bank (PNB) are all set to offer banking services in Kazakhstan by setting up a joint venture subsidiary in that country.
"PNB will hold a 60 percent stake while Allahabad Bank will hold 40 percent in the subsidiary," Allahabad Bank chairman O.N. Singh said here Saturday.
The total capital required in the venture will be around $15 million, Singh said on the sidelines of the bank's annual general meeting.
"We have approval from RBI (Reserve Bank of India) and the authorities in Kazakhstan to set up the subsidiary," he said.
The joint venture arm would also examine the acquisition of a bank in Kazakhstan for starting operations there, ...