Alfa-Bank Kazakhstan began searching for a new owner due to sanctions

Within a few weeks, Alfa-Bank Kazakhstan may conclude a deal to change the shareholder, said the managing DIRECTOR of the subsidiary of the Russian bank.Due to Western sanctions, it cannot conduct transactions with dollars and euros

A subsidiary of Alfa-Bank in Kazakhstan is negotiating a change of ownership due to international sanctions against the parent company. More than ten potential buyers are already studying the financial statements for the deal, Andrey Timchenko, managing director of Alfa-Bank Kazakhstan, said in a YouTube address.

Due to sanctions, the bank cannot conduct transactions in US and European currencies, and the use of Alfa-Bank Kazakhstan cards in terminals and ATMs of other credit organizations has also become unavailable. Timchenko assured that he was sympathetic to the desire of clients to transfer savings to other banks, and negotiations are underway to sell the bank's loan portfolio in the amount of 100 billion tenge (18.57 billion rubles).

“This will resolve the short-term current situation so that you can withdraw or transfer funds, whoever wants. For a more principled solution to the issue, we are negotiating with a number of investors so that there is a change of shareholders in the bank,” said the managing director.

Timchenko suggested that the deal could be concluded within the next "if not days, then weeks." Until the issues are resolved, he noted, the bank retains restrictions on withdrawals and transfers of funds.

The United States will impose blocking sanctions against Sberbank and Alfa-Bank Finance

The bank assured that the imposed sanctions would not affect the availability and safety of customer funds. “The bank has a sufficient reserve of high-quality assets and equity, and we will definitely meet all our obligations in full. In addition, the bank is a member of the mandatory deposit guarantee system, which guarantees the safety of citizens' funds,” the statement said.

Fridman and Aven left the board of directors of Alfa-Bank Finance

Read on RBC Pro Pro How the elections in France will affect the stock market and currency ForecastsPro Anti-crisis measures for business: what the owner should do right now Instructions Pro Why de-dollarization of the global economy is inevitable.Top 2 Reasons Articles Pro Higher prices and reorientation of exports.What awaits Russian oil and gas Articles Pro How the development of surgical instruments made an immigrant a billionaire Articles ProHow force majeure will help - instructions for use Instructions Pro We remain to winter:what happens to partners of global law firms Articles Pro What to do,if the company cannot pay the loan due to sanctions Instructions

Alfa-Bank has been under US sectoral sanctions since the end of February. Restrictive measures were also introduced by the European Union and the UK. institutions and citizens of the EU cannot make transactions with the bank and invest in it, as well as conduct transactions with securities issued after April 12.

The United States added Alfa-Bank to the SDN list on April 6. This means a complete blockage of assets that are associated with the American financial system. Mentioning in the SDN threatens risks for subsidiaries of organizations, since assets in which their parent companies have a share of more than 50% are automatically subject to sanctions.

A report on the website of the US Treasury Department says that Alfa-Bank's subsidiary in Kazakhstan is also subject to severe restrictions.

Before the sanctions, the Central Bank increased the placement of funds in foreign banks

See also US will impose blocking sanctions against Sberbank and Alfa-Bank 01:37