February 18, 2014 / 10:47 AM / 3 years ago

UniCredit's former Kazakh unit turns to profit in 2013

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ALMATY, Feb 18 (Reuters) - Kazakhstan's seventh-largest lender ATF Bank, sold by Italy's UniCredit to a local investor last year, turned to profit in 2013 after five years of losses, it said on Tuesday.

ATF Bank made a net profit of 1.782 billion tenge ($9.7 million) in 2013 after a loss of 8.646 billion in 2012, the bank said in a statement.

Last year, UniCredit sold ATF Bank to a firm owned by Kazakh businessman Galimzhan Yesenov and said it would review its business targets through to 2015 in light of the "exceptionally difficult" economic environment.

The acquisition of the Kazakh bank was worth around $500 million, sources close to the deal told Reuters at the time. ($1 = 184.51 tenge) (Reporting by Mariya Gordeyeva; writing by Dmitry Solovyov; editing by Tom Pfeiffer)

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