5 Jul 2022 15:32

Baiterek continuing negotiations with Sberbank to purchase its subsidiary in Kazakhstan - CEO

ALMATY. July 5 (Interfax) - Kazakhstan's National Managing Holding Company Baiterek is continuing negotiations on the purchase of Sberbank's subsidiary in Kazakhstan, Baiterek CEO Kanat Sharlapaev said.

"We don't comment on our current merger and acquisition deals. I can only confirm that talks are underway. I can't comment on specific parameters or terms, but we are set to wrap the deal up as quickly as possible," Sharlapaev told reporters on Tuesday.

Earlier, Sberbank First Deputy CEO Alexander Vedyakhin said that the bank expected to close the sale of its subsidiary banks in Switzerland and Kazakhstan by July 10.

The Kazakhstan-based subsidiaries of Russian banks VTB, Alfa Bank, and Sberbank were put on the US sanctions list in March of this year. Bank CenterCredit announced the conclusion of a deal to acquire 100% of Alfa Bank's subsidiary in Kazakhstan in May 2022. The Sberbank and VTB subsidiaries in Kazakhstan are currently trying to find investors in order to change owners.

Sberbank (Kazakhstan) was Kazakhstan's seventh largest bank by assets among the 22 second-tier banks operating in the country as of May 1, 2022, according to the National Bank of Kazakhstan.