Eldar Sarsenov acquires a 100% stake in JP Finance Group. The company itself owns 87.87% of Nurbank's shares, reports Liter.kz.
The Agency of the Republic of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organizations approved the issuance of Eldar Sarsenov's consent to acquire the status of a major participant in Nurbank. Now he will buy out a 100% stake in JP Finance Group, which owns 87.87% of the bank's shares.
Eldar Sarsenov will need to step down from the position of chairman of the board of Nurbank. Previously, the bank's owner was his father, Rashit Sarsenov.
In September 2021, the international agency S&P Global Ratings confirmed Nurbank’s long-term and short-term credit ratings at the level of “B-/B” and the bank's national scale long-term rating at “kzBB-”. The outlook is “Stable”.
Experts at S&P Global Ratings noted that the decision is based on the gradual improvement in the bank's asset quality, aided by state and owner support. This forecast reflects S&P Global Ratings’ expectations that the bank will be able to gradually improve asset quality and will maintain capital reserves sufficient for planned business development. The rating agency expects that Nurbank will also maintain a stable funding profile and adequate liquidity reserves.
“As of September 1, 2021, the bank complies with all the standards set for second-tier banks. There are no violations of banking legislation in the bank's actions,” reports the agency's website.
In March 2020, Nurbank became a participant in the state program to enhance the financial stability of the banking sector. Under the program, the bank's capital was increased by 20 billion tenge.
From January to August 2021, the bank's activities were profitable, according to the agency. The bank's assets amounted to 448.2 billion tenge, which is 4.8% more compared to the same period in 2020. The bank continues its work on improving asset quality in accordance with the plan of measures under the program.
According to Ranking.kz, Nurbank is one of the three banks that were unprofitable in 2020.
Source: Liter