Kazakh lender ATF-Bank’s 9-month net loss narrows

Nov 7. Reuters. ALMATY

Kazakh lender ATF-Bank's 9-month net loss narrowsKazakhstan’s ATF-Bank said on Monday it made a net loss in the first nine months of the year of 6.3 billion tenge ($42.8 million), down from a net loss of 25.7 billion in the same period of 2010.

ATF-Bank, the Central Asian nation’s fourth-biggest lender by assets and controlled by Italian group UniCredit , saw its net loss fall to 31.0 billion tenge last year from 54.8 billion in 2009.

UniCredit bought a 92 percent stake in ATF-Bank for $2.1 billion in 2007. Within a year it had to write off more than 500 million euros ($720 million) from its value as the credit crunch hit Kazakhstan’s banking sector.

UniCredit said in March it would consider selling its interest in ATF-Bank should it receive a suitable offer.