Almaty, September 29, 2021. Eldar Sarsenov has become a major shareholder of JSC 'Nurbank' by acquiring a 100% stake in JP Finance Group, the majority shareholder of JSC 'Nurbank'.
As previously reported, Eldar Sarsenov received permission to acquire the status of a major (indirect) shareholder from the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market. To date, all necessary procedures related to the change of shareholder have been completed, and Eldar Sarsenov has resigned from the position of Chairman of the Management Board of JSC 'Nurbank', yet remains a member of the Board of Directors of JSC 'Nurbank'.
“Over the past years, a professional team has formed at Nurbank, with whom we have been working on the development of the bank. Significant changes currently underway present new challenges for Nurbank, which is part of a large financial holding. This will be considered in the development of our new products, with the application of new technologies, and in our development strategy, where one of the main priorities is creating a universal financial-credit institution with a high level of customer service. We plan to increase our credit and deposit portfolios and improve their quality,” commented Eldar Sarsenov.
It should be noted that besides JSC 'Nurbank', the JP Finance Group banking conglomerate includes JSC Money Experts, LLP 'LC Nur Leasing', and LLP 'OUSA NB'. Additionally, Eldar Sarsenov is a major shareholder of the insurance company 'Victoria'.
Reference: JSC 'Nurbank' was established in 1992 and is one of the largest second-tier banks in the Republic of Kazakhstan. The bank operates 17 branches and 77 offices across major regions of the country. As of September 1, 2021, the bank's profit amounted to 1,207 million tenge. Loans totaling 70.5 billion tenge were issued (a 1.3 times increase compared to the same period in 2020). Of these, the share of SMEs is 38%, with a growth of 26% year-on-year. The bank's assets amounted to 448.2 billion tenge, an increase of 4.8% compared to the first 8 months of 2020. The liquidity indicator, which demonstrates the bank's ability to meet its obligations to clients on time, has a large reserve and exceeds the regulatory norm by 7 times. S&P Global Ratings assesses the long-term and short-term credit ratings of 'Nurbank' at 'B-/B' and the bank's long-term rating on the national scale at 'kzBB-'. The forecast is 'Stable'.