OREANDA-NEWS. September 16, 2011. Te presentation of JSC "SB "PNB"- Kazakhstan" took place, that was established as a private bank named "Danabank" on October 20, 1992 in Pavlodar city with an initial registered capital of 6 million 400 thousand rubles, reported the press-centre of KASE.

The Bank's current paid up capital is KZT 10.5 Billion. It is a subsidiary of Punjab National Bank, the largest public sector bank in India with customer base of 63 million, more than 5200 offices, total business amounting to USD 126.84 billion and a net profit of USD 994 million (2010-11).

On December 13, 2010 Punjab National Bank acquired a controlling stake in the JSC "Danabank" of 64% and has increased it during the last month to 81%. The objective of this development strategy was to make Kazakhstan a focal point and base to expand banking footprints in Central Asia and Transcaucasia. The financial crisis of 2008 and subsequent erosion in assets prices of banks made this strategic alliance possible.

The stable economic outlook for the future and growth of the financial sector, allowed PNB to strengthen its presence by investing in "Danabank" and pledging it's experience in management to make  a significant contribution to the economy of Kazakhstan.

Following the footsteps of parent Bank PNB India, the new entity quickly reoriented itself to comply with the regulatory requirement of additional  capital and has augmented it to the desired level.