Forbes Kazakhstan-listed businessman Rashit Sarsenov sells his shares in Nurbank JSC to his son, Eldar Sarsenov.
"The Board of the Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations has approved granting Eldar Sarsenov consent to acquire the status of a major (indirect) shareholder in Nurbank JSC. This status allows the acquisition of 100% equity in JP Finance Group LLP, thereby indirectly acquiring 87.87% of the number of issued (excluding preferred and repurchased) shares and/or voting shares of the bank," reported the financial regulator.
Eldar Sarsenov must resign from his position as the Chairman of the Management Board of Nurbank JSC upon the actual acquisition of equity in JP Finance Group LLP and, accordingly, attaining the status of an indirect major shareholder of the bank.
Bank's status. 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 state and shareholder support. This outlook reflects S&P Global Ratings' expectations that the bank can 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 adequate liquidity reserves.
As of September 1, 2021, Nurbank complies with all standards set for second-tier banks. No violations of banking legislation were found in the bank's activities, as reported to the
In March 2020, Nurbank participated in a state program to enhance the financial stability of the banking sector, and the shareholder increased the bank's capital by 20 billion tenge.
"For the first 8 months of 2021, the bank's operations were profitable. The bank's assets amounted to 448.2 billion tenge, a 4.8% increase compared to the first 8 months of the previous year. The bank continues to improve asset quality following the action plan under the program," noted ARFR.
About the new major shareholder Eldar Sarsenov graduated from Suffolk University (Boston, USA) with a Bachelor's degree in Business Administration and Northeastern University (Boston, USA) with an MBA. He has international experience in marketing and management. Before becoming Chairman of the Management Board, Sarsenov served as Managing Director of Nurbank JSC for three years, overseeing the card business, IT, marketing, HR development, advertising, and service quality. He has led marketing for Swiss watch company TAG Heuer (USA) and climbed from a marketing manager assistant to deputy sales and marketing director in the Helios service station network.
He is the son of Rashit Sarsenov, who ranks 11th in the Forbes Kazakhstan "50 most influential businesspeople in Kazakhstan - 2020" and 10th in the "50 wealthiest businesspeople in Kazakhstan - 2021".
According to Forbes Kazakhstan, the businessman owns at least 88% of Nurbank JSC shares (via JP Finance Group LLP and Casting LLP), 100% of Victoria Insurance Company, French House BSB LLP (retail chains French House, Beautymania, Imperial Home, Planet of Beauty), Oil Real Estate LLP (commercial real estate management), Caspian Riviera hotel, Vita bottled water production and sales company, Chateau Silk Alley winery complex in Turkestan region, and stakes in KSP Steel and Casting factories.
The family also owns the Helios service station network, a stake in AltynEx Company JSC gold field, Aksai bakery-and-pastry plant LLP, Shahar Broadcasting Company LLP, Caspian Public University, and the Almaty College of Construction and Management.
Rashit Sarsenov is the Chairman of the Board of Directors of Victoria IC. He is 72 years old.
sourceI Informburo