PNB bets big time on overseas markets

PNB bets big time on overseas marketsThe public sector bank, Punjab National bank said that it is going to buy 64 per cent stake in JSC Dana Bank of Kazakhstan. This was said by the Chairman and Managing Director of the bank, K R Kamath.

Talking to the media, he said that the deal has been approved by the Reserve Bank of India and that PNB is looking forward to it.

He also said that the bank is planning to spend $24 million for acquiring the stake. For financing it, the bank will combine dent and internal financing as well.

It will be raising $100 million for the purpose of expansion by the end of this year, which will be used with a green shoe options.

PNB has of late gone for big expansion plans and retail plans to re-strengthen its position in India.

The idea of going overseas in a big way is to increase the contribution of revenue from foreign markets. Presently, it gets only 3 per cent of its revenue from this area.

As per the new plans, PNB is going to double its revenue from the overseas markets by 2013.