Punjab National Bank had acquired a control stake in the Kazakh Danabank

Punjab National Bank had acquired a control stake in the Kazakh DanabankOn 8 February 2010, it was announced that the Punjab National Bank, one of the largest Indian banks, had acquired a control stake in the Kazakh Danabank from Kazakh shareholders. The price of the deal has remained undisclosed, although it has been noted that the whole amount will be used for the capitalisation of Danabank. Danabank is expected to be renamed  “PNB Kazakhstan.”

The new owner intends to make Danabank one of the top 10 banks in Kazakhstan within 3-5 years.

The deal marks one of the largest Indian financial institutions entering the Kazakh market, which will help to implement the newest banking technologies and use the vast experience of the Punjab National Bank for the improvement of banking services in Kazakhstan.

GRATA Law Firm advised the Punjab National Bank on the deal as a local legal advisor.
Prior to this deal, GRATA Law Firm worked on the following acquisitions in the Kazakh banking sector: the acquisition of a stake in Bank CenterCredit by IFC in 2009-2010, the acquisition of a stake in Bank CenterCredit by Kookmin Bank in 2008 and the acquisition of ATF Bank by Unicredit Group in 2007.

The team includes Mr. Rashid Gaissin, Managing Partner, Mr. Bolat Miyatov, Corporate Partner, Mr. Shaimerden Shikanayev, Finance&Securities Partner and Ms. Marina Kahiani, Lawyer.