/KASE, July 26, 2019/ – Tengri Bank (Almaty), whose securities are officially
listed on the Kazakhstan Stock Exchange (KASE), informed KASE as follows:
quote
Joint general meeting of shareholders of the three banks - Tengri Bank, AsiaCredit
Bank and Capital Bank Kazakhstan - was held on July 25, 2019, where voluntary
restructuring of the three banks by consolidation of AsiaCredit Bank and Capital
Bank Kazakhstan with Tengri Bank was finally approved. The foreign investor
represented by Punjab National Bank, India, will retain strategic interest in the
consolidated bank.
This transaction strengthens financial position, increases liquidity and efficiency
of the consolidated financial institution because of improved quality of assets,
synergy effect, larger size of the bank and new viable business model.
The consolidated bank will continue to pursue stable development policy maintaining
its mobility, flexibility and customer-oriented approach. Professional team made
up of the best employees will be retained. The bank plans to strengthen retail,
small and medium-sized businesses.
The consolidation process will be conducted in accordance with the laws of the
Republic of Kazakhstan and will begin after receiving required approvals from
regulators, including Kazakhstan’s National Bank.
Tengri Bank will continue to operate as usual according to the approved development
plans without changing its details, rates, terms and conditions for customers and
the product range until actual merger of the three second-tier banks.
unquote
This information is available on KASE website (in Kazakh and Russian) –
http://kase.kz/files/emitters/DNBN/dnbn_reliz_260719_1.pdf
[2019-07-26]