The Antimonopoly Committee of Ukraine (AMCU) has granted a citizen of Georgia, who was not named, permission to buy BTA Bank Ukraine, media reported, quoting a statement on the agency's website.
"Permission was given for the purchase by an individual - a citizen of Georgia - of shares of the BTA Bank JSC, which grants more than 50% of the votes in the bank's supreme governing body," the AMCU said.
Currently, 100% of the shares of BTA Bank Ukraine belong to the Kazakh BTA Bank, once one of the largest banks in Kazakhstan, which gave up its banking license several years ago. Currently, this is in effect an asset management company owned by Kazakh businessman Kenes Rakishev and his Fincraft Group, formerly Novacom Corporation.
The AMCU in December 2021 allowed the Kazakh fintech company Kaspi.kz to buy BTA Bank. In October that year, Kaspi.kz announced the signing of an agreement for the sale of 100% of the bank's shares and plans to complete the transaction in the first half of 2022. "It is being purchased solely to obtain a banking license in Ukraine. This will allow us to launch fintech products, open mobile wallets, accounts, and more," Kaspi.kz said in a report. The parties did not disclose the cost of the transaction, and its closure has not been reported.
The CEO and one of the largest shareholders of Kaspi.kz with a 25% stake is Mikheil Lomtadze, a citizen of Georgia, who was previously a partner in Baring Vostok Capital Partners, one of the funds of which owns a 29% stake in Kaspi.kz.
It was also reported that BTA Bank Ukraine has been conducting limited operating activities, with no branches or loan portfolio.
Kazakhstan-based Kaspi.kz JSC closed a deal on the acquisition of the Ukrainian online payment system Portmone Group, which had been controlled by Europe Virgin Fund (EVF), at the beginning of October 2021. This would provide Kaspi with a payment license and Visa and Mastercard accreditation in Ukraine.
BTA Bank Ukraine was founded in 1992. According to the National Bank of Ukraine, the bank ranked 65th by assets among 67 banks operating in the country as of January 1, 2023. It had net losses of UAH 33.6 million in 2022.
Despite the uncertainty in Ukraine, the bank considers it possible to continue its work, given appropriate capital adequacy, as per NBU requirements, at 112% in 2022, compared with 121% in 2021; its shareholders' intentions to continue to support the bank's activities; and substantial liquidity, some formed at the bank's own expense, the bank said in a report.
