October 2009
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International venture capital investment recovers after second quarter slump

International venture capital investment has bounced back after a second quarter slump but remains significantly below 2008 levels, according to a report by Dow Jones VentureSource. Venture capitalists invested $1.8bn in 297 deals across Europe, Canada, Israel, China and India in the third quarter of 2009, up from $1.5bn in the second quarter, and $100m down from the first quarter of the year. Europe was the main non-US recipient for venture investment, garnering $998m, up 23 per cent from Dow Jones' record lows of the previous quarter. The total is still a 48 per cent drop on the $1.9bn invested during the same period last year. […]

PNB to buy majority stake in Kazakh's Dana Bank

Punjab National Bank, India's second-largest public sector lender, has received approval from its board of directors to acquire a majority stake of about 63 per cent in Kazakhstan-based Dana Bank. The bank stated in a communiqué that this acquisition is going to be the bank's first international acquisition and will entail an investment of $24 million (Rs115 crore). The bank has set up a representative office in the Kazakh city of Almaty. ''The board on Thursday approved acquisition of 63.6 per cent stake in Kazakhstan-based Dana Bank,'' PNB's newly-appointed chairman and managing director K R Kamath told reporters after announcing the second-quarter numbers. The joint venture would have five branches, he said. […]