Public sector lender, Punjab National Bank has acquired majority stake in Kazakhstan based lender, Dana Bank. PNB picked the stake for price of about $23.7 million (about Rs 104 crore).

With this acquisition, PNB's stake in Dana Bank has reached 63.64%, the bank said.

The total business of Dana Bank amounts to $ 60 million, equal to around Rs 276 crore. The bank has 5 branches in total of which three at Almaty, Pavlador and Karganda are functional and the remaining two at Astana & Taraz will soon be.

The bank aims to set up two more branches at Atrau & Akhtau in the upcoming fiscal.

PNB was in wait to receive Kazak regulatory nod for this acquisition since some time. The bank has a representative office in Kazakhstan since 1998.

PNB is also planning to set up a branch in Vancouver, Canada.