Azerbaijan, Baku, May 2 / Trend E. Kosolapova/
Kazakhstan's KazNitrogenGaz company completed the deal on acquisition of 99.75 percent stake in Kazakh ATF Bank from UniCredit Bank Austria, ATF Bank reported on Thursday.
The transaction was approved by the National Bank of Kazakhstan on March 29, 2013.
The deal's price approximately equals to ATF Bank's equity.
Romeo Collina, who headed ATF Bank till April 30 said that UniCredit decided to sell its subsidiary in Kazakhstan within the framework of the strategic plan aimed at business optimization in the region of Central and Eastern Europe.
ATFBank is one of 5 biggest banks in Kazakhstan and has 3 subsidiaries: ATF Finance JSC, ATF Incassatsia JCS, UniCredit Bank JSC (Kyrgyz Republic). Currently the Banks' network consists of 17 branches and 111 sales offices with more than 3 300 employees.
KazNitrogenGaz is a Kazakhstan-domiciled holding company, fully owned by local businessman Galimzhan Esenov who also holds majority stakes in two small insurance companies of Kazakhstan.
