Private Equity Russia

PNB has acquired a controlling equity stake in Kazakhstan’s DanaBank JSC.  According to a statement released by the parties, the newly capitalized joint bank will focus on Kazakh SME financing and the agricultural sector.

Terms of the private equity transaction were not disclosed but it is known that Danabank had assets of approximately $20 million at the end of 2009, and was in danger of losing it’s banking license for falling below minimum reserve requirements on its debt portfolio.

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