Punjab National Bank, India's second-largest public sector lender, has received approval from its board of directors to acquire a majority stake of about 63 per cent in Kazakhstan-based Dana Bank. The bank stated in a communiqué that this acquisition is going to be the bank's first international acquisition and will entail an investment of $24 million (Rs115 crore). The bank has set up a representative office in the Kazakh city of Almaty. ''The board on Thursday approved acquisition of 63.6 per cent stake in Kazakhstan-based Dana Bank,'' PNB's newly-appointed chairman and managing director K R Kamath told reporters after announcing the second-quarter numbers. The joint venture would have five branches, he said. […]