Austrian BA-CA bank takes over Kazakh ATF bank
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)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.