business and economy
Alliance Bank looking for a buyer
London-listed Alliance Bank, Kazakhstan’s fourth largest bank, has hired two investment banks as it seeks to find a buyer who would buy a controlling stake in the bank.
The bank announced earlier this year that its main shareholder, Seimar Alliance Financial Corporation (SAFC), which owns about 75 percent of Alliance stock, was looking to sell part of its holdings.
“SAFC has hired Merrill Lynch and Credit Suisse who are working as advisors in finding a strategic investor,” Alliance’s Managing Director Anvar Khaltayev told reporters at a news conference on Monday.
“The word ’strategic’ means the one who has the controlling stake,” he said, stressing that SAFC is looking to give up control over the bank.
SAFC would like to retain a sizeable minority stake in Alliance, Khaltayev added.
SAFC oversaw significant growth as the bank transformed from a small regional player to the fourth largest bank in Kazakhstan
However, the retail-focused Alliance Bank was hit hard by the recent liquidity crunch that affected most Kazakh banks, as it relied heavily on foreign borrowing to fund its explosive growth.
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