The Investment Company of the Group of the AOE «NU», «NIS» and «NF» has acquired 99.5% of «Tsesnabank» JSC shares

The Investment Company of the Group of the Autonomous Organizations of Education Nazarbayev University, Nazarbayev Intellectual Schools and Nazarbayev Fund has acquired 99.5% of Tsesnabank JSC shares on February 6, 2019

First Heartland Securities JSC (further – FHS), an investment division of the  financial holding company under the Group of the Autonomous Organizations of Education Nazarbayev University, Nazarbayev Intellectual Schools and Nazarbayev Fund, has acquired Tsesnabank JSC in accordance with a Framework Agreement established between the Government of the Republic of Kazakhstan and prominent state  holding companies, the National Bank of Kazakhstan (NBK) , the previous shareholder of Tsesnabank, and FHS.

Tsesnabank will serve as a key link in the Group’s investment architecture. The Bank will focus its efforts on developing services and products to meet the financial needs of the citizens of Kazakhstan as well as small and medium businesses. The Bank’s activities will be instrumental in implementing various initiatives to diversify and promote sustainable development of Kazakhstan’s economy.

The Group has set up structures such as endowment funds and financial services institutions in order to support the Group’s activities in accordance with advanced international practices. By acquiring Tsesnabank, opportunities to finance educational and scientific programs will be enhanced and general financial conditions of the Group improved. Importantly, a new institutional model that fosters collaboration between education and research on one side, and business on the other will now emerge; the Group has acquired an even more powerful tool to pursue its human capacity- building and social development mandates.

«Nazarbayev University – it not only embodies the best in global education and research, but is also key national project that contributes to the continuous rapid development of Kazakhstan, its institutions, economy and quality of life of the population,» says Shigeo Katsu, President of Nazarbayev University and Chair of the Board of Trustees of Nazarbayev Intellectual Schools.

With its foundation of outstanding professional expertise, and with the support of the NBK and the Government of the Republic of Kazakhstan, FHS pledges to develop Tsesnabank as a bank for the people of the country and small and medium businesses.

“Nazarbayev University will ensure transparent and effective management in the bank in accordance with leading world standards,” added Mr. Katsu.

 

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