DUSHANBE, February 7, Asia-Plus — Kazakhstan’s ATFBank, which has already purchased a more than 20% stake in the open joint-stock company SohibkorBonk, intends to assume 75% ownership in the company, the National Bank of Tajikistan (NBT) said.
If Kazakh bank assumes 75 percent ownership in SohibkorBonk, the last will be integrated into it as its affiliate.
A source at Tajik central bank said that representatives from ATFBank had arrived in Tajikistan and they yesterday met with leadership of SohibkorBonk to discuss personnel issues and further purchase of stake in the company in order to bring its ownership interest in SohibkorBonk to 75 percent.
SohibkorBonk has difficulties growing its capital and is struggling,” said the NBT source, “It has put up for sale a part of its shares.” He said the change in ownership will give the bank an opportunity to develop new products and services.
We will recall that ATFBank’s board of directors had studied the buyout of SohibkorBonk in Khujand and decided to buy 75.1% of the bank’s stock.
Tajik central bank in October last year endorsed the intention of ATFBank to gain control package of SohibkorBonk and the new owner may change a structure of the bank’s management and replace its leadership. All the necessary documents to complete the transaction have been signed by the two banks.
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 more 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 the Russian Federation.
