The truth about Asian investment banking

The truth about Asian investment banking

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China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

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Skip Navigation LinksHome :: Back Issues :: Banking M&A: UniCredit takes majority stake in ATF Bank

July 2007

Banking M&A: UniCredit takes majority stake in ATF Bank

UniCredit stole a march on its banking rivals in late June with the signing of an agreement to buy at least 85% of Kazakhstan’s fifth-largest financial services provider, ATF Bank. The roughly $2.2 billion transaction will catapult the Italian bank to the top of the foreign bank pile in the oil-rich central Asian republic, with UniCredit leapfrogging such rivals as Citi, Deutsche Bank, HSBC and ING, which all have long-established operations in the country.


Founded in 1995, ATF Bank has 110 branches, $8.4 billion of assets and an 11.8% share of the roughly $78 billion banking market in Kazakhstan, where GDP growth has averaged 10% since 2000. The bank’s traditional business focus has been on corporate banking but in recent years it has expanded into fast-growing retail banking as well. The bank also boasts a network of subsidiaries in Kyrgyzstan, Tajikistan and the Russian region of Omsk. The purchase is being conducted by UniCredit’s Bank Austria...


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