The Board of the Agency of the Republic of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organizations has approved the issuance of consent to Eldar Sarsenov for acquiring the status of a major (indirect) participant of JSC 'Nurbank'. This status grants the right to acquire a 100% stake in LLP 'JP Finance Group' and, accordingly, indirectly acquire 87.87% of the total number of issued (excluding preferred and redeemed) shares and/or the number of voting shares of the bank.
Previously, 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 Kazakhstan's richest businessmen by Forbes Kazakhstan).
In September 2021, the international agency S&P Global Ratings affirmed Nurbank's long-term and short-term credit ratings at 'B-/B' and its long-term national scale rating at 'kzBB-'. The outlook is 'Stable'. S&P Global Ratings experts noted that the decision is based on the gradual improvement of the bank's asset quality due to support from the state and the owner. This forecast reflects S&P Global Ratings' expectations that the bank will be able to gradually improve asset quality and maintain capital reserves sufficient for planned business development. The rating agency expects the bank to also be able to maintain a stable funding profile and sufficient liquidity reserves.
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 by the shareholder.
As of the results for the first 8 months of 2021, the bank's operations are profitable. The assets amounted to 448.2 billion tenge, which is 4.8% more compared to the first 8 months of the previous year.
Source: Forbes