State-run Punjab National Bank (PNB) is looking at acquiring a bank in Kazakhstan and also exploring options of a subsidiary in Canada.

According to the sources, the public sector lender is eyeing a bank with a capital size of $20-25 million.

The bank expected that the Canada subsidiary option would come through by March 2010.

On its abroad proposals, PNB is looking at building up a representative office in Norway, and upgrading the representative office in Shanghai.

The bank is also exploring options to set up office in Dubai. In Bhutan it had made an application with the Royal Bank of Bhutan for a joint venture.

Stock of Punjab National Bank (PNB) closed at Rs 494, down 0.95 percent on National Stock Exchange (Friday, 17 Oct). The total volume of shares traded was 1,200,000 at the NSE.