November 13, 2007 / 1:39 PM / 13 years ago

UniCredit Pays $2.1 Bln for ATF Bank Stake

ALMATY (Reuters) - Italian bank UniCredit (CRDI.MI) has paid a total of $2.1 billion for 91.8 percent of Kazakhstan’s ATF Bank, the Kazakhstan Stock Exchange said on Tuesday.

UniCredit said in June it planned to buy a majority stake in ATF Bank, the Central Asian state’s fifth-largest bank by assets, with the goal of buying 100 percent.

The Stock Exchange said in a statement UniCredit bought 95.6 percent of common shares in Kazakhstan’s ATF Bank for $1.7 billion.

A market source said separately the Italian bank paid $441 million for 82.2 percent of ATF’s preferred shares.

The Stock Exchange said the total deal involved 91.8 percent of all shares for $2.1 billion.

UniCredit’s Bank Austria Creditanstalt carried out the purchase agreement.

ATF, set up in 1995, has subsidiaries in Russia, Kyrgyzstan and Tajikistan. Its assets stood at 992.4 billion tenge ($8 billion) as of May 1.

JP Morgan advised ATF, while Credit Suisse and UniCredit Markets and Investment Banking advised UniCredit on the deal.

Reporting by Olzhas Auyezov; Writing by Maria Golovnina; Editing by Greg Mahlich

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