Punjab National Bank (PNB), India’s second-major public sector bank, has decided to purchase 63% stake in Kazakhstan-based Dana Bank.

PNB functionaries stated in a communiqué that this acquisition is going to be bank’s first international acquisition which will entail an investment of $24 million (about Rs 115 crore).

The sources informed that the bank is having a representative office in Kazakh city Almaty.

Sources added that the public sector lender (PNB) which plans to expand its footprint in eight countries, is searching options to introduce few more offices internationally, including one in Shanghai.

PNB is also looking at establishing an arm in Vancouver, Canada, as well as a joint-venture company in Bhutan.

Recently, the lender has inaugurated a branch in Hong Kong and the UK as well.

The bank reported a 31.1 per cent growth in net profit at Rs 927 crore for the second quarter ended September.