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Kazakhstan-based ForteBank acquires fellow lender Kassa Nova

JSC ForteBank agreed to acquire 100% of JSC Bank Kassa Nova from local company Nova Leasing.

The transaction is expected to close immediately after gaining all relevant approvals, including that of the Kazakh central bank, ForteBank said Dec. 13. The financial details of the deal were not disclosed.

Following the acquisition, Bank Kassa Nova will operate as a subsidiary of ForteBank. According to information available on the Kazakh central bank's website, Kazakh businessman Bulat Utemuratov is the main beneficiary shareholder of both lenders.

As of Nov. 1, ForteBank and Bank Kassa Nova ranked 5th and 21st in the Kazakh banking system, with the value of their assets amounting to 1.6 trillion Kazakh tenge and 125 billion tenge, respectively, according to news website Kursiv.kz.

As of Dec. 13, US$1 was equivalent to 369.99 Kazakh tenge.