Tsesnabank, Bank CenterCredit Discuss Possible Merger With

TSB, BCC discuss possible merger with

Tsesnabank is discussing possibile merger deal with Bank CenterCredit after purchasing Korean Kookmin Bank’s share, Kazinform correspondent reports.

This was announced in a joint statement by the shareholder of JSC “Bank CenterCredit” Bakhytbek Baiseitov, JSC “Tsesnabank” and JSC “Tsesna” Financial Holding”.

“The possible merger will increase the efficiency of the combined financial institution and will provide a synergistic effect”, statement reads.

It is also noted that emergence of a new player on the market will allow to provide high quality services to a significantly wider range of customers, which will add momentum to the development of the entire banking sector of Kazakhstan.

Kookmin bank, a shareholder of the Bank CenterCredit that owns 41.93 per cent of its shares, has selected members of Consortium as preferred buyers of its shares.

In turn, another shareholder of the bank – International Finance Corporation that owns 10.0 per cent of the shares picked Baiseitov Bakhytbek as the preferred buyer of its shares.

In accordance with the preliminary agreements, Consortium is completing negotiations with Kookmin bank on the final terms of the acquisition of the bank’s shares currently owned by Kookmin bank by members of the Consortium.

“The above-mentioned deals are subject to approval by regulatory authorities. The completion of the change of the bank’s shareholders is expected in the second quarter of 2017”, stated in a press release.

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.