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UniCredit's Bank Austria set to sell Kazakh bank -report
December 11, 2012 / 7:42 AM / 5 years ago

UniCredit's Bank Austria set to sell Kazakh bank -report

VIENNA, Dec 11 (Reuters) - UniCredit unit Bank Austria plans to sell its underperforming banking unit in Kazakhstan, unwinding a $2.1 billion 2007 deal that did not live up to its potential, Austrian paper Die Presse reported.

It did not cite its sources for Tuesday’s report, which said an investor group from Almaty was favourite to buy ATF bank for around 440 million euros ($569 million), in line with its current book value.

A deal was not certain because some details still needed negotiation, it added.

ATF had total assets of 5 billion euros and 103 branches as of September, making it the country’s fifth-biggest lender, Bank Austria says on its website.

Bank Austria was not immediately available for comment. ($1 = 0.7736 euros) (Reporting by Michael Shields; Editing by Helen Massy-Beresford)

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