Consolidation of two major banks successfully wraps up in Kazakhstan

Baku, Azerbaijan, September 2

By Nargiz Sadikhova - Trend:

The process of consolidation of two banks (Jýsan Bank and First Heartland Bank) has been successfully finished in Kazakhstan and as a result the assets value of the consolidated First Heartland Jýsan Bank equaled 1.264 trillion tenge, Trend reports with reference to the bank.

Within the framework of consolidation, bank’s own capital increased by 14 percent equaling 144 billion tenge, whereas the assets of bank’s customers exceeded 620 billion tenge.

“The consolidated bank will be providing competitive services via synergy of corporate client base of First Heartland Bank and developed product line of Jýsan Bank. This consolidation will allow to restore the leading positions in the area of banking,” Chairman of the Management Board of First Heartland Jýsan Bank Bekzhan Pirmatov said.

According to him, the consolidation of two banks has been planned within the framework of new business strategy aimed at resurrection of customer confidence and provision of Kazakhs with best financial measures and services.

“Jýsan Bank already is a reliable bank with significant liquidity. The consolidation with First Heartland Bank will further strengthen the position of Jýsan Bank on the financial market of Kazakhstan,” Chairman of the Board of First Heartland Jýsan Bank Tolganay Botakanova said.

As at August 1, 2019 the Current Liquidity Ratio of Jýsan Bank amounted to 1,549.6 percent exceeding the norm of no less than 30 percent by over 50 times. At the same time the capital adequacy ratio, which is a measurement of a bank's available capital expressed as a percentage of a bank's risk-weighted credit exposures, amounted to 27.5 percent with norm of no less than 7.5 percent.

In other words, Jýsan Bank is both implementing all prudential regulations and possesses of great stability.

(1 USD = 387.46 KZT on September 2)

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Follow the author on twitter: @nargiz_sadikh

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