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Bank Austria to dispose of Kazakhstan-based ATF Bank.

(SeeNews) - Mar 18, 2013 - UniCredit Bank Austria, part of Italian UniCredit SpA (BIT:UCG), has signed a contract to sell its 99.75% stake in Kazakhstan-based ATF Bank to local financial holding group KazNitrogenGaz.

As the loss-making entity to be sold said on Friday, the deal is subject to the approval of the corresponding authorities, which is expected to be granted before the end of March 2013.

Bank Austria purchased a majority stake in ATF Bank in 2007 just before the financial crisis broke out. It then paid EUR 1.6 billion (USD 2.1bn) for it but has since written off EUR 1.1 billion of the sum.

ATF Bank operates 17 branches and 111 sales offices and has over 3,300 employees.

(EUR 1.0 = USD 1.294)
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Publication:SeeNews Austria
Geographic Code:4EUAU
Date:Mar 18, 2013
Words:130
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