ARDFM on Jýsan Bank’s Acquisition of Shares in ATF Bank

According to the laws, the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (ARDFM) has approved Jýsan Bank’s acquisition of 99.76% stake in ATF Bank as a part of the merger of ATF Bank with the Jýsan Group.

The Agency, in turn, has given its consent to the purchase of 19.97% of shares in Jýsan Bank by the ATF Bank’s former major shareholder, G. Yessenov. 

The parties to the transaction have also obtained the authorizations from the National Bank of the Kyrgyz Republic as required for Optima Bank JSC, a subsidiary of ATF Bank, to change its shareholder. 

The financial model of the Banks’ merger meets the classical merger and acquisition (M&A) scheme, when ATF Bank's equity in the amount of 124 billion Tenge has been used to create additional provisions. After the existing shareholder covered the losses, ATF Bank was additionally capitalized by Jýsan Bank for the amount of 97 billion Tenge to ensure the capital adequacy in compliance with the regulator’s requirements.

In the result of the transaction, ATF Bank has created its provisions in the required volume, has the requisite capital and liquidity cushion to ensure the Bank’s financial stability and steady development in the long run.

The Agency believes the integration of the business models of Kazakhstan’s two largest banks to contribute to the improvement of the banking sector’s stability and quality of consumer banking services, due to the implementation of the two Banks’ financial and technological advantages. The aggregate assets of Jýsan Bank and ATF Bank will amount to about 3 trillion Tenge, whereas the two Banks’ total market share will rise to 10% of the banking sector’s assets.

All the current operations of Jýsan Bank and ATF Bank, including consumer banking services, are conducted as usual.
 

Please contact us at:

ARDFM External Communication Division: 
+7 (727) 237 1090
e-mail: PRESS@finreg.kz

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