Thursday, 8th January 2009

 
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6 August 2008 - Harry Wilson

Credit Suisse and Rencap lead Abu Dhabi investment in Kazakh bank

Credit Suisse and Russia's Renaissance Capital have emerged as the advisers to an Abu Dhabi investor buying a 25% stake in one of Kazakhstan’s largest banks.

Alnair Capital Holding, an investment vehicle of Abu Dhabi investor Sheikh Tahnoon Bin Zayed Al Nahayan, confirmed this morning its purchase of a 25% stake in struggling Kazakh financial group Kazkommertsbank.

Credit Suisse, along with UBS, led the London flotation of rival Kazakh financial group Alliance Bank last July, raising $704m (€511m). Kazkommertsbank floated in London the previous year in a deal led by JP Morgan and UBS.

Al Nahayan previously owned around 8% of Kazkommertsbank’s shares, but said in June it was applying for permission to buy a 17% stake to take the holding to just over 25%.

In a statement to the London market this morning, Alnair said it had received permission to buy the stake in Kazakommertsbank, which has been hit hard by the credit crunch because of its large usage of the wholesale financing markets.

Alnair said it would be nominating John Filmeridis, the former president and chief executive of Standard Chartered First Bank Korea to Kazkommertsbank’s board.

--write to Harry Wilson at hwilson@efinancialnews.com

Tags: Alnair Capital Holding , Credit Suisse , Investment Banking , Kazakhstan , Kazkommertsbank , Mergers & acquisitions , Renaissance Capital , Retail banking , Sheikh Tahnoon Bin Zayed Al Nahayan

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