April 25, 2020 / 1:13 PM / a month ago

PNB's Kazakh affiliate gets lifeline from Indian lender

Pedestrians walk past a Punjab National Bank office in Mumbai, Indi aFebruary 21, 2018. REUTERS/Danish Siddiqui

NUR-SULTAN (Reuters) - Kazakhstan’s Tengri Bank has secured a loan from its biggest shareholder, India’s Punjab National Bank, that will allow it to meet its obligations and replenish liquidity, the Kazakh lender said on Saturday.

Tengri, one of the smallest banks in the Central Asian nation, limited customer withdrawals this month as its liquidity fell, and the Kazakh financial regulator demanded that PNB step in to support its affiliate.

Reporting by Tamara Vaal; Writing by Olzhas Auyezov; Editing by Gareth Jones

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