Punjab National Bank (PNB), India's second largest public sector lender has decided to purchase a stake in Kazakhstan's Metrokombank.

The sources said that the pact may be concluded after due diligence is finalized.

The officials of Metrokombank stated in a communiqué that the deal will take place once several conditions are met, including a due diligence check and regulatory approvals.

The sources informed Metrokombank ranks 30th among Kazakhstan's 37 banks by assets, with 4.7 billion tenge (US$31.1mn) in assets as of Sept. 1.

As per media reports, the size or any other details of the potential deal were not disclose.