Kazakhstan’s Eurasian Bank said Tuesday that it was buying Troika Dialog Bank — a subsidiary of the investment house of the same name — for an undisclosed amount in a move to expand its business abroad.
“It is an important deal for Eurasian Bank, as it allows us to expand our regional presence and platform in accordance with our strategy,” Eurasian chairman Michael Eggleton said in a statement. “This acquisition will allow the bank to gain profits from trade operations, as well as investment flows between Russia and Kazakhstan.”
A spokesperson for Troika Dialog confirmed the deal but would not immediately comment on the details.
Eurasian Financial Company, the sole shareholder of Eurasian Bank, will purchase 100 percent of Troika Dialog Bank for an undisclosed sum. The deal will be finalized in the first quarter of 2010, after the parties get approval from the two countries’ regulatory bodies.
Troika Dialog bought VTB Broker from state-owned VTB in October 2007 and renamed it Troika Dialog Bank. In September 2008, South Africa’s Standard Bank bought 33 percent of Troika Dialog in exchange for a 100 percent stake in the South African bank’s Russian subsidiary.
The bank’s charter capital is estimated at 239 million rubles ($7.9 million), while its assets stood at 2.43 billion rubles as of January. Eurasian Bank was established in 1994 and is Kazakhstan’s seventh-largest bank by asset size.
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