DUSHANBE, October 6, Asia-Plus - Kazakhstan’s ATF Bank, which has already purchased a 7.1% stake in the open joint-stock company SohibkorBonk, intends to assume 65% ownership in the company by the end of this year, the Tajik central bank said.

Turakhon Haqnazarov, the head of the licensing and bank supervision department of the National Bank of Tajikistan (NBT), said that the NBT this week endorsed the intention of ATF Bank to gain control package of SohibkorBonk. ”The cost of the takeover has not been divulged,” Haqnazarov said, adding that the new owner may change a structure of the bank’s management and replace its leadership. 

”SohibkorBonk has difficulties growing its capital and is struggling,” said the NBT official. “It has put up for sale a part of its shares.” He said the change in ownership will give the bank an opportunity to develop new products and services.

Haqnazarov said that all the necessary documents to complete the transaction have been signed by the two banks.

In the meantime, ATF Bank said Tuesday that it will buy a 75.1% stake in SohibkorBonk of

Tajikistan.  "ATF Bank’s board of directors has studied the buyout of SohibkorBonk in Khujand and decided to buy 75.1% of the bank’s stock," the bank said. 

SohibkorBonk was established in the northern city of Khujand in 1999 and is among the six largest banks of Tajikistan. The bank has 11 branches throughout the country and capital of little than US $5 million. 

Founded in 1995, ATF is a leading Kazakh bank, which has developed into a powerful financial group. It offers a broad spectrum of financial products, including services in leasing and insurance.  ATF Bank opened an office in Moscow in the Russian Federation and has subsidiary banks in Kyrgyzstan and the Russian Federation.