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Two big Kazakh banks to merge?

Business Materials 2 February 2017 11:42 (UTC +04:00)
Kazakh Tsesnabank and Tsesna financial holding discuss the possibility of a merger with Kazakh Bank CenterCredit
Two big Kazakh banks to merge?

Baku, Azerbaijan, Feb. 2
By Elena Kosolapova – Trend:

Kazakh Tsesnabank and Tsesna financial holding discuss the possibility of a merger with Kazakh Bank CenterCredit, the banks said in a joint message.

The message said that South Korean Kookmin Bank, which holds a 41.93 percent share in Bank CenterCredit has selected the members of Tsesnabank and Tsesna financial holding as preferred buyers of its share. The negotiation on the terms of the acquisition will be completed in near future.

Moreover, the International Finance Corporation which holds 10 percent of Bank CenterCredit’s shares, selected Bakhytbek Baiseitov, the main shareholder of this bank, as a preferred buyer of its share.

The merger of two banks will create a bigger financial institution that will maintain its position as one of the leaders in the banking sector of the country in the corporate lending segment, financing of small and medium-sized businesses, as well as in the field of retail lending and banking services, said the message.

The deals are subject to approval by regulatory authorities. The shareholders of the Bank CenterCredit are expected to change in the second quarter of 2017.

Tsesnabank, Kazakhstan’s 3rd largest bank, was established in 1992. The bank’s core business lines are corporate, SME and retail banking. Headquartered in Astana, the bank’s branch network consists of 22 full-service branches and 146 outlets throughout Kazakhstan.

Bank CenterCredit is one of the top commercial banks in Kazakhstan in terms of assets and total deposits. The bank’s primary business consists of corporate and retail banking. It has over 100 branches and offices throughout Kazakhstan.

Follow the author on Twitter: @E_Kosolapova

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