Eldar Sarsenov became a major shareholder of JSC Nurbank by acquiring 100% stake in JP Finance Group, the majority shareholder of JSC Nurbank.
As previously reported, Eldar Sarsenov received the approval to acquire the status of a major (indirect) shareholder from the Financial Market Regulation and Development Agency of the Republic of Kazakhstan. To date, all the necessary procedures related to the change of shareholder have been completed, and Eldar Sarsenov has left the position of Chairman of the Management Board of JSC Nurbank but remains a member of the Board of Directors of JSC Nurbank.
"Over the past years, a professional team has been formed in Nurbank, with whom we worked on the bank's development. The important changes that are now taking place set new tasks for Nurbank, being 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 the development strategy, where one of the main priorities is the formation of a universal financial and credit institution with a high level of customer service. We plan to grow our loan and deposit portfolios and improve their quality," commented Eldar Sarsenov.
It should be noted that JSC Nurbank is part of LLP JP Finance Group, along with JSC Money Experts, LLP LK Nur Leasing, and LLP OUSA NB. Additionally, Eldar Sarsenov is a major shareholder of the insurance company Victoria.
Through LLP JP Finance Group, 87.86% of the bank's shares belonged to Eldar Sarsenov's father, Rashit Sarsenov (No. 10 in the ranking of the richest businessmen of Forbes Kazakhstan).
JSC Nurbank was established in 1992. The bank has 17 branches and 77 offices in all major regions of the country.
In the Rating of Banks of Kazakhstan - 2021, Nurbank ranks 20th. Nurbank's assets at the end of 2020 amounted to 427.75 billion tenge and equity to 40.9 billion, which is 41% less than 68.95 billion in 2019. The year ended with a loss of 48.3 billion tenge compared to a profit of 3.67 billion the previous year.
S&P Global Ratings rates 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 outlook is "Stable".
Source: Forbes