By resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations, approval was granted to Eldar Sarsenov to acquire the status of a major shareholder of JSC "Nurbank", reports the press service of ARDFM RK.
This status grants the right to acquire 100% equity in LLP "JP Finance Group" and, consequently, indirectly acquire 87.87% of the number of issued (excluding preferred and repurchased) shares and/or voting shares of the bank.
"From the moment of actual acquisition by Eldar Sarsenov of equity in LLP "JP Finance Group" and, consequently, upon taking the status of an indirect major shareholder of the bank, Eldar Sarsenov must resign from the position of the Chairman of the Management Board of JSC "Nurbank"," the statement said.
The press service of JSC "Nurbank" stated that all necessary measures related to the change of the major (indirect) shareholder are being carried out.
Recall, in September 2021, the international agency S&P Global Ratings affirmed "Nurbank"'s long-term and short-term credit ratings at "B-/B" and the bank's long-term rating on the national scale at "kzBB-". The outlook is "Stable."
As noted by S&P Global Ratings experts, the decision is based on the gradual improvement of the bank's asset quality due to support from the state and the owner. This outlook reflects S&P Global Ratings' expectation 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 maintain a stable funding profile and sufficient liquidity reserves.
As of September 1, 2021, the bank complies with all regulations set for second-tier banks. There are no violations of banking legislation in the bank's actions.
In March 2020, the BVU 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. As of the result of 8 months of 2021, the bank's assets amounted to 448.2 billion tenge, which is 4.8% more compared to the same period of the previous year.
Eldar Sarsenov was born in 1984. He graduated from Suffolk University in Boston with a degree in Business Administration, and subsequently obtained an MBA from Northeastern University. Over the years, he has worked as an assistant marketing manager, deputy director of sales and marketing at TO AZS"Helios", and as a marketing director at the Swiss watch company TAG Heuer, USA. His last position was Chairman of the Management Board of JSC "Nurbank".
The strategic goals of JSC "Nurbank" for 2017–2021 include increasing the share of retail lending in the bank's loan portfolio and reducing the share of non-performing loans in the loan portfolio. A priority area for the bank is also lending to SME clients, for which it plans to develop both its own and joint programs with governmental bodies.
In doing so, despite the growth in business volumes and a significant increase in active operations, work will continue on improving the quality of the loan portfolio and reducing the share of non-performing loans in the portfolio. The bank aims to implement comprehensive risk management.
Source: Kursiv