Unicredit's Kazakh unit can't use its logo - court

Thu Mar 6, 2008 4:25am EST
 
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ALMATY, March 6 (Reuters) - A Kazakh court has barred ATF Bank ATFB.KZ, a unit of Italy's Unicredit (CRDI.MI), from using the Unicredit logo in its advertising, marking another step in the bank's legal battle with minority shareholders.

The ruling was made following a request by QVT Fund, a shareholder of ATF, the Kazakh Stock Exchange said on Thursday.

Unicredit bought a 92 percent stake in ATF, Kazakhstan's number five bank, for $2.1 billion last year, paying $84 per ordinary share and $47 for each preferred share.

QVT Fund, which holds some preferred stock, has sued ATF, demanding equal valuation for both types of shares.

The same court has earlier barred Unicredit from making any deals with ATF stock, effectively halting the bank's growth which cannot be achieved without capital injections. (Writing by Olzhas Auyezov)

 

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