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Kazakh regulator okays merger of 2 local lenders

The National Bank of the Republic of Kazakhstan said Aug. 22 that it approved the planned merger of JSC First Heartland Bank with sister unit First Heartland Jýsan Bank.

The integration is expected to improve the market position, investment attractiveness and competitiveness of the merged lender, First Heartland Jýsan Bank said in June, noting that the assets of the merged financial institution will exceed 1 trillion Kazakh tenge.

Formerly operating as Tsesnabank, First Heartland Jýsan Bank is controlled by First Heartland Securities, which also includes First Heartland Bank.

As of Aug. 22, US$1 was equivalent to 386.04 Kazakh tenge.