Comment by Samat Balkenov, Chairman of the Board, Tsesna Capital JSC regarding merger of Tengri Bank and Capital Bank Kazakhstan.
After Tengri Bank and Capital Bank Kazakhstan merge, the new bank may enter the top 20 with the market share exceeding 0.6 percent. Samat Balkenov, Chairman of the Board, Tsesna Capital JSC made a comment on the optional deal between these financial institutions for the Tengrinews.kz correspondent.
To recap, on March 13 the shareholders of the banks signed a memorandum of intent on the merger of the two financial institutions. "Based on the analysis of the open sources of information, as well as the latest statements by the management of Tengri Bank, this merger is dictated primarily by a similar development strategy that provides for the growth of both banks, including through mergers and acquisitions”.
According to our estimate, after the two banks merge their consolidated capital may reach KZT 43.2bn, to allow the new entity to climb to the 17th place among the banks as to its capital. As for the assets, our preliminary estimates show that the new bank may enter the top 20 with the market share exceeding 0.6 percent, Balkenov commented.
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