Almaty, December 29, 2009 – Eurasian bank JSC informs about the increase of its authorized capital stock.
In accordance with the decision of the Bank’s Board of Directors dated December 23, 1 377 718 pcs. of ordinary shares in the amount of KZT 9 000 080 606,80 have been sold. The Bank’s authorized capital stock increased from KZT 15 210 123 868,00 to KZT 24 210 204 474,80 by this transaction.
Eurasian Industrial Company JSC has bought the securities, thus it now holds 9% shares of Eurasian bank JSC. The remaining 91% of shares are owned by Eurasian Financial Company JSC. Both companies are 100% held by Alidjan Ibragimov, Patokh Сhodiev and Alexander Machkevich.
Michael Eggleton, Chief Executive Officer of Eurasian Bank, states “this is a very important event for Eurasian Bank as it shows the continued support of our shareholders to grow the Bank as a core asset of the Eurasian Group of companies.”
The capital increase expands the Bank’s capabilities, which include additional provisions on loan portfolio to maintain it at the level adequate to current market risks.
Mr. Eggleton, further comments “as Eurasian Bank moves into the top tier of banks in the Kazakh market, I believe that it is critical to take a conservative view of provisioning against its loan portfolio. The increase of capital combined with further provisioning is an important signal to our counterparts and depositors that the Bank values its current leadership position in the banking sector.”
Note: Founded in 1994, Eurasian bank JSC holds 7th place by assets among the top banks of Kazakhstan.
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