Eurasian Bank to Repurchase 30 Billion Tenge in Bonds Following Leadership Change

Eurasian Bank JSC has announced plans to partially repurchase bonds issued under Kazakhstan’s financial stability enhancement program, Orda.kz reports.

The decision follows the appointment of Shukhrat Ibragimov as Chair of the Board of Directors.

According to information published on the Kazakhstan Stock Exchange (KASE) website, the bank will buy back 300 million bonds with a face value of 100 tenge each, along with accrued but unpaid interest. The total repayment will amount to 30 billion tenge, which the bank intends to return to the state by the end of 2025.

The move was approved on October 23.

This repayment covers only part of the bank’s total 150 billion tenge debt to the state, received under the government’s financial assistance initiative.

The decision to begin repayment came shortly after Ibragimov’s appointment. 

Ranked seventh on Kazakhstan’s Forbes list, Ibragimov has consolidated control of the Eurasian business group after the passing of Alexander Mashkevich, one of its founders.

Notably, Mounissa Chodieva, daughter of co-owner Patokh Chodiev, is no longer listed on the bank’s new board of directors.

Original Author: Nikita Drobny