Restructurization of Kazakhstan's Tengri Bank halted

BAKU, Azerbaijan, Feb. 20

By Nargiz Sadikhova - Trend:

India’s Punjab National Bank has recalled its agreement for merging of Kazakhstan’s Tengri Bank with Capital Bank Kazakhstan and AsiaCredit Bank (Kazakhstan), Trend reports with reference to Tengri Bank.

Punjab National Bank is Tengri Bank’s largest shareholder and owns 41.64 percent of bank’s shares.

Thus, without the consent of the largest shareholder of Tengri Bank represented by Punjab National Bank, the completion of the merger process is not possible.

CEO of the Tengri Bank Pawan Singh notified the board on the decision of the Punjab National Bank.

On May 31, 2019, the collective meeting of shareholders of Tengri Bank, AsiaCredit Bank, and Capital Bank Kazakhstan approved the reorganization of three financial institutions in the form of merging AsiaCredit Bank and Capital Bank Kazakhstan with Tengri Bank.

The approval of the shares exchange ratios and the shareholding of the present shareholders of three banks in the merged bank was planned early in July 2019 on the grounds of the report of international financial consultants on the results of assessment net assets value of the three banks.

Tengri Bank is one of Kazakhstan’s commercial banks providing a wide range of banking services to legal entities as well as individuals.

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