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ABN Amro to sell Kazakhstan asset management company, divest stake in Kazakh pension fund
St. Louis, July 28 - ABN Amro has agreed to sell its Kazakhstan asset management business and its 80.01% stake in ABN Amro KaspiyMunayGas Pension Fund to Kazkommertsbank, the largest bank in Kazakhstan, ABN Amro said in a news release Thursday.
ABN Amro recently revised its pension administration activities in various geographies and decided to divest its pension administration and asset management in selected countries, the release added. The transaction in Kazakhstan follows the recent divestiture of pension and asset management activities in the Czech Republic and its pension business in the United States.
Jurgen Rigterink, chairman of ABN Amro's Kazakhstan operation, stated in the release "This decision does not affect the long-term commitment of the bank to the country. ABN Amro remains the largest foreign bank operating in Kazakhstan and views the country as one of its growth markets.
"ABN Amro will continue to invest in the local economy by further expanding in both wholesale and consumer banking. Our main priorities for Kazakhstan are organic growth of retail services, expanding our customer base and exceeding clients' expectations."
Nina Zhusupova, chairman of Kazkommertsbank, said, "Kazkommertsbank considers this acquisition to be a strategic step forward in increasing its market share and position in this important segment of financial services market. We intend to build on the strength of the pension fund and the asset management business and invest further in its development. Customers will continue to enjoy high quality services and return on investment."
The deal is subject to customary regulatory approvals.
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