Kazakhstan's Vyacheslav Kim Confirms Application to Acquire Jusan Bank Majority Stake

Prominent Kazakhstani businessman Vyacheslav Kim has confirmed to Orda.kz his intention to acquire a 97.5% stake in Jusan Bank.

The application has been submitted to Kazakhstan's Agency for Regulation and Development of the Financial Market (ARRFR) for review.

Kim, meanwhile, said: 

I have submitted an application to the ARRFR to acquire 97.5% of Jusan Bank shares. It is currently under consideration by the ARRFR. It is expected that the regulator will make a decision after a detailed study of the application. I would like to note that this transaction has nothing to do with Kaspi.kz.

While rumors of the deal had circulated since early February, neither Kim nor regulators had previously commented. 

When approached by Kursiv publication, the ARRFR responded:

In accordance with the requirements of the law, no person, independently or jointly with another person, has the right to acquire the status of a major participant or bank holding company of a bank without obtaining the prior written consent of the Agency. Issuance of consent is a public service. The term for rendering this public service is 50 working days. Information on the results of rendering public services is published on the Agency's Internet resource. Regarding the requested information, we inform you that a transaction between citizens aimed at establishing, changing and terminating civil rights and obligations is a commercial secret. The circle of persons entitled to free access to information constituting a commercial secret is determined independently by citizens and legal entities. In this regard, we recommend that you submit a request to these individuals and legal entities.

Original Author: Rustam Muratov