Regulator gives go-ahead to Eurasian Bank acquisition

business and economy

Regulator gives go-ahead to Eurasian Bank acquisition

By SRI ⋅ February 3, 2010 ⋅

(SRI) - The Kazakh Financial Supervision Agency (FSA) gave a go-ahead to Eurasian Bank, one of the country’s ten largest banks, to buy Russian Bank Troika Dialog, the financial regulator said in a statement.

Eurasian announced in December it had agreed to buy 100 percent of the Russian lender for an undisclosed sum. According to a press release issued at that time, the acquisition will enable the Kazakh bank to benefit from the cross-border trade and investment flows between Russia and Kazakhstan.

Eurasian, which has been advised by the Salans law firm, expects to finalize the deal by the end of the first quarter of 2010, after it receives all approvals from relevant Russian and Kazakh regulatory bodies.

The acquired bank has shareholder capital of around RUR500 million ($16.64 million) and assets of RUR3.25 billion ($108 billion) by Russian accounting standards as of October 1, according to Troika’s website.

Eurasian is controlled by key shareholders of London-listed Kazakh mining company Eurasian Natural Resources Corporation (ENRC).