17:03 20.05.2016

NBU permits Bolat Nazarbayev to buy Eurobank

2 min read
NBU permits Bolat Nazarbayev to buy Eurobank

The National Bank of Ukraine (NBU) has allowed Bolat Nazarbayev, whose first and last names are similar to those of Kazakh President Nursultan Nazarbayev's brother, to purchase 50% of Eurobank (Kyiv), according to the regulator's website.

The NBU committee on oversight and regulation of bank activities took the decision on May 18.

According to the report, Nazarbayev intends to acquire the bank shares, which indirectly through Finance Analit Service consulting firm belong to Oleksandr Adarych, as a result he won't hold shares in the bank any more.

Currently the NBU is considering a package of documents for buying the remaining shares in Eurobank by a Kazakh citizen. The decision on the issue has not been made.

Oleksandr Adarych, the owner and chairman of Kyiv-based Fidobank's board and shareholder in Eurobank, announced plans in March 2016 to consolidate his banking assets by merging the two banks and sell the new entity to a foreign investor.

Eurobank was founded in 2005. Its assets as of October 1, 2015, were estimated at UAH 1.634 billion, which ranked the bank rank 57th among 123 operating banks, according to the NBU.

Nursultan Nazarbayev's brother Bolat Nazarbayev in 2014 bought 7.83% of shares in Kazakh-based RBK Bank. That bank's largest stockholders, according to the bank's website, are Fund-Invest Property Management Direction LLP, whose only founder is the privately-owned Fund of the First President of the Republic of Kazakhstan – the Nation's Leader, and Farid Lyukhudzyayev, who owns SBS Group, a group of Kazakh-based production enterprises and mining companies.

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