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​Eurasian Bank buys Turkey's BankPozitif Kazakhstan

October 26 2015, 12:18

Image 0Eurasian Bank has expanded its customer base and increased its capital by about 3 billion tenge after it acquired Turkey's BankPozitif Kazakhstan on October 20. Eurasian Bank, the Kazakh lender, is using acquisitions and bond sales to boost capital amid an economic slowdown in Central Asia's biggest energy exporter.

The Almaty-based lender plans to offer 30 billion tenge ($108 million) of subordinated bonds to strengthen its finances, while its shareholders will inject 6 billion tenge of new capital by the end of the month, Chief Executive Officer Michael Eggleton said in an interview in Almaty. “We don't have leeway for mistakes," Eggleton said. “The problem with current markets is that perception becomes the reality faster than people expects."

Source: gulftoday.com

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