By resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations (hereinafter referred to as the Agency), Eldar Sarsenov has been approved for obtaining the status of a major (indirect) participant of JSC "Nurbank" (hereinafter referred to as the Bank). This status grants the right to acquire 100% of the participation share in LLP "JP Finance Group", and consequently, to indirectly acquire 87.87% of the placed (minus preferred and redeemed) shares and/or voting shares of the Bank.
From the moment Eldar Sarsenov actually acquires the participation share in LLP "JP Finance Group" and thus enters the status of an indirect major participant of the Bank, Eldar Sarsenov must resign from the position of Chairman of the Management Board of JSC "Nurbank".
In September 2021, the international agency S&P Global Ratings affirmed the long-term and short-term credit ratings of "Nurbank" at "B-/B" and the long-term bank 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 in the quality of the Bank's assets due to support from the state and the owner. This outlook 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 that the Bank will also be able to maintain a stable funding profile and sufficient liquidity reserves.
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As of September 1, 2021, the Bank complies with all standards set for second-tier banks. There are no violations of banking legislation in the Bank's actions.
In March 2020, the Bank became a participant in the state Program for Enhancing the Financial Stability of the Banking Sector. Within the framework of the Program, the shareholder increased the Bank's capital by 20 billion tenge.
As of the results of 8 months of 2021, the Bank's activity is profitable. The Bank's assets amounted to 448.2 billion tenge, which is 4.8% more compared to the 8 months of the previous year. The Bank continues to work on improving asset quality in accordance with the Action Plan under the Program.
Source: Nomad