Bank Pozitif sells Kazakhstan unit to Eurasian Bank JSC

Bank Pozitif has signed an agreement to sell all of its shares in BankPozitiv Kazakhstan JSC, one of its subsidiaries with a certain level of development potential, to Eurasian Bank JSC. In a statement from Bank Pozitif to the Public Disclosure Platform, it said that the sale amount will be defined when the purchase is finalized. According to the latest financial statement by BankPozitiv Kazakhstan JSC, whose capital is 11.14 billion tenges ($41.1 million), the bank comprises 7.7 percent of the total assets of Bank Pozitif. Bank Pozitif said BankPozitiv Kazakhstan JSC's sale will not change Bank Pozitif's activities in Turkey.

Purchased by Bank Pozitif in 2007, BankPozitiv JSC started its service in Kazakhstan in the same year. "Due to the changes in Kazakhstan's banking regulations, the increase in the country's risk profile, the limited development potential of the subsidiary bank in the domestic banking sector since 2007, JSC Bank Pozitiv Kazakhstan does not have strategic importance anymore," Bank Pozitif announced. Bank Pozitif considered the requests of the institutions interested in the subsidiary and prepared the necessary conditions for the sale.