DUSAHNBE, November 23, Asia-Plus – Kazakhstan’s commercial ATFBank has purchased another 10 percent stake in Tajik joint-stock company (JSC) SohibkorBonk, bringing its stake in this Tajik bank to 75 percent.
SohibkorBonk head Jamshed Qavmiddinov said in an interview with Asia-Plus that under the initial agreement ATFBank was expected to purchase a 65 percent stake in SohibkorBonk. “Kazakhstan Investment Fund was going to buy out a 10 percent stake in our bank but later, this deal was not done for some reasons,” said Qavmiddinov, “Therefore ATFBank was suggested to purchase that 10 percent stake”’. Purchase of the 10 percent stake has increased ATFBank’s stake in SohibkorBonk to 75 percent, and thereby SohibkorBonk becomes an affiliate of ATFBank.
“ATFBank’s 75% ownership interest in SohibkorBonk will give our bank an opportunity to dynamically develop because latest banking system will be introduced and the bank will be able to offer new services,” SohibkorBonk head said.
SohibkorBonk was established in the northern city of Khujand in 1999 and is among the six largest banks of Tajikistan. The bank has 11 branches throughout the country and capital of little than US $5 million.
Founded in 1995, ATFBank is a leading Kazakh bank, which has developed into a powerful financial group. It offers a broad spectrum of financial products, including services in leasing and insurance. ATFBank opened an office in Moscow in the Russian Federation and has subsidiary banks in Kyrgyzstan and Russia.
