OREANDA-NEWS. February 11, 2010. Danabank (Almaty), securities of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the following press release, reported the press-centre of KASE.

On February 8, 2010 were signed documents to acquire by Punjab National Bank of Danabank control stock. Investment company BATT and other Danabank shareholders will ensure entry of the strategic partner, i.e. Punjab National Bank for joint future development of the Bank.

Conclusion of agreements will help to enter to Kazakhstan financial market of one of the largest financial institutions of India. The strategic partnership with Punjab National Bank will allow introducing modern banking technologies in Kazakhstan and using experience of Punjab National Bank to improve banking services quality, provided to the Bank clients. Kazakhstan subsidiary of PNB will be integrated into international operations of Punjab National Bank to implement not only bilateral, but multilateral operations.

Kazakhstan under "The Plan of joint actions on stabilization of the economy and financial system" allocated from the National Fund of the Republic of Kazakhstan funds for development of the housing sector and small and medium size businesses support. The Government requirements for the minimum equity capital size will facilitate the growth of medium size banks, able to compete with large banks, which will allow decreasing banking services cost, clients interests protection and decreasing the economy dependence on large banks risks.

Signing of the agreement will help Kazakhstan to overcome the financial crisis. This is an example of close cooperation to improve the national financial system and business.

The Bank strategic objectives are provision of quality services, introduction of the banking modern global experience. The joint bank will focus on funding of small and medium size businesses in Kazakhstan, in particular, the agricultural sector.