The Financial Market Regulation Agency granted Eldar Sarsenov consent to acquire major participant status in Nurbank, the agency reported on Wednesday.
Sarsenov will acquire a 100% share in JP Finance Group, which controls 87.87% of Nurbank. The agency does not specify the terms under which Sarsenov acquires the share.
However, according to the resolution, after acquiring the status of a major participant in the bank, 36-year-old Sarsenov must resign from the position of Chairman of the Board of Nurbank, which he has held since November 2015.
Until this point, the ultimate owner of Nurbank was Rashit Sarsenov, Eldar's father. In addition to Nurbank, he controls assets in the oil sector, metallurgy, retail. He also owns water and wine production companies and a hotel on the Caspian Sea. Forbes Kazakhstan estimates the senior Sarsenov's fortune at $810 million.
Source: Vlast