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«Tengri Bank» and «Capital Bank Kazakhstan» announced intent to merge

15.03.2017

On 13 march 2017, the shareholders of JSC «Tengri Bank» and JSC «Capital Bank Kazakhstan» have signed a memorandum of intent to merge two financial institutions.

It is assumed that the merged bank will significantly strengthen its positions at the financial market of the Republic of Kazakhstan. The banks’ consolidated capital will be KZT 43,2 billion, which enables to rise to the 17-th place in the rating of STB. The capital adequacy ratio of the merged bank will reach 19%, which is higher than the minimum requirement for 2,4 times.

This event is being held, first of all, in the interests of depositors of both banks and will have a great synergetic effect for the business development overall and fulfillment of strategic tasks stated by the banks.

The enlargement due to consolidation of banking institutions at the market of the Republic of Kazakhstan was envisaged in strategy of both banks. Successful completion of negotiations will enable to continue the development of this direction in future.

The reorganization of financial institutions will be carried out in accordance with requirements of the legislation of the Republic of Kazakhstan and international standards.

Currently, JSC «Tengri Bank» and JSC «Capital Bank Kazakhstan» provide full range of investment and banking services for corporate financing and retail banking.

In December 2016, the international rating agency S&P Global Ratings confirmed the long-term credit rating of JSC «TengriBank» at the level of «B+" and in march 2016, the long-term credit ratings of JSC «Capital Bank Kazakhstan» at the level of «B-». These ratings reflect the stable financial status of the banks.



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