Punjab National Bank has bought a controlling stake in the small Kazakh lender Danabank, the two banks said on Monday.

The lenders did not say how much PNB had paid for the stake.

"The joint bank plans to focus on financing small and medium-sized businesses in Kazakhstan, particularly in the agricultural sector," they said in a statement.

Kazakhstan's banking regulator said last year Danabank, along with several other Kazakh lenders, needed to boost its capital to keep its banking license. Danabank had assets of about $20 million at the beginning of this year.

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