June 1, 2021 – The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market has approved the voluntary merger of ATFBank by absorption by Jusan Bank.
Earlier, the merger of Jusan Bank with ATFBank was approved by a joint meeting of the two Banks' shareholders, and in April 2021 all the requisite documents were forwarded to the regulator for consideration according to the statutory requirements.
In the result of the merger, Jusan Bank will become one of Kazakhstan's three largest banks, by the volume of its assets and equity. After the merger is consummated, its consolidated assets will amount to 3 trillion tenge, i.e. will account for about 10% of the Country's banking sector.
"The acquisition of ATFBank by Jusan Bank is expected to create the unique conveniences for both Banks' clients, as it will not only grant an extensive access to the integrated network of branches and ATMs, but also to new products and services. The two Banks' teams are currently seeking to ensure that migration of ATFBank's clients is comfortable. The migration process is to be accomplished by the end of this year," Aibek Kayip, Chairman of the Management Board of Jusan Bank said. "At the same time, we continue to actively develop functionalities of our digital ecosystem. So, apart from an opportunity to open a bank card and receive an express loan remotely, all our clients have access to the investing, insurance, ticket and hotel booking services through the Jusan mobile application, and can also make purchases from the Jmart marketplace, a hypermarket offering over 200 thousand items. To our clients, the Jusan mobile application is a multipurpose tool to address any real-life tasks, we intend to add features to on a continuous basis."