Bank Austria Creditanstalt (BA-CA), Austria's largest bank, continuing its eastwards expansion, said Thursday it aims to take over at least 85% of Kazakhstan's ATF bank.
Bank Austria Creditanstalt announced plans to eventually take over 100% of ATF, Kazakhstan's third largest bank for a total of €1.7 billion ($2.28 billion). A share purchase agreement with private shareholders was signed on the same day. The transaction will be completely financed by existing internal resources, the Austrian bank said.
ATF reports total assets of €6.3 billion ($8.4 billion) and a share of 11.8% of the local market and is also active in insurance, pension funds and leasing business. It operates subsidiary companies in Kyrgyzstan, Tajikistan and the Russian region Omsk. BA-CA is part of the European UniCredit Group, and responsible for Central and Eastern Europe. (monstersandcritics.com)