First Heartland Securities acquired 99.5% of Tsesnabank's ordinary shares

First Heartland Securities JSC, the investment division of the financial holding company of the group of autonomous educational organizations Nazarbayev University, Nazarbayev Intellectual Schools and Nazarbayev Foundation, announces the acquisition of 99.5% of Tsesnabank’s ordinary shares.

The deal was made under the Sale and Purchase Agreement and in accordance with the Framework Agreement approved by the Government and the National Bank of the Republic of Kazakhstan. In order to fulfill its obligations, First Heartland Securities JSC (hereinafter - FHS), after conditions precedent have been met, will make a KZT 70 billion capital injection into the bank.

In total, the measures taken by the National Bank of Kazakhstan, the Government and the new shareholder will facilitate the bank’s recovery and resuming by the bank of lending to the real economy sector, while complying with all the necessary prudential standards and requirements of the National Bank of Kazakhstan. In addition, these measures will allow Tsesnabank to continue, as before, to fulfill all of its obligations to customers and ensure the reliability and safety of customer deposits.

“Tsesnabank is one of the leaders of the Kazakh financial market in lending to the real economy sector, including small and medium-sized businesses and individual entrepreneurs”, said Mr Yerke Nurkenov, Chairman of the Management Board of First Heartland Securities JSC. “FHS will continue to develop Tsesnabank and strengthen its positions in the SME and retail segment, with a primary focus on improving the quality and availability of services”, added Mr Nurkenov.

After the purchase of Tsesnabank, FHS will be able to diversify its banking business and, in addition to investment, corporate and private banking, cover SME, retail and insurance segments.

 

About First Heartland Securities

First Heartland Securities is a Kazakh broker company that is part of the investment holding of autonomous educational organizations Nazarbayev University, Nazarbayev Intellectual Schools and Nazarbayev Foundation.

FHS is part of the First Heartland group, which includes commercial bank First Heartland Bank (FHB) and asset management company First Heartland Capital.

FHS has a 10-year experience in the securities market. The company provides investment and financial services, as well as banking services through its subsidiary bank FHB to the group of companies Nazarbayev University, Nazarbayev Intellectual Schools, their employees and large private sector clients.

FHS adheres to a conservative low-risk credit and investment strategy, uses advanced technologies in making investment decisions, and provides a high level of personal service.

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