A top bank executive of Punjab National Bank has said that the bank is scouting for acquisition of a bank in Kazakhstan as part of its plans to expand its presence. Punjab National Bank Executive Director Nagesh Pydah addressing reporters in Chennai said, “There are lot of opportunities (in Kazakhstan). A high level delegation has visited the place and it is very much on our radar (for acquisitions)”
At present, PNB has a representative office at Almaty in Kazakhstan. As answer to a question, Mr.Pydah said that PNB would have a controlling stake in any bank which it was planning to acquire. In addition to this, the bank is also planning to open a 100 per cent subsidiary in Vancouver (Canada) and would convert its representative office at Dubai to a branch. PNB, which entered the credit card businesses in February this year, is also planning large scale expansion in this sector.