Patokh Chodiev's nephew buys TAIB Kazak Bank

Orifjon Shadiev (Chodiev), a nephew of one of the private shareholders of Eurasian Natural Resources Corporation Plc (ENRC) Patokh Chodiev, has purchased 100 percent of TAIB Kazak Bank becoming its new owner, Tengrinews.kz reports citing the Bank's message. According to the Bank's chairman Zain Mazhidulla, the new owner's strategic plans include further development of the business and expansion of the line of the rendered services, including development of the branch network. The cost and terms of the deal have not been disclosed. TAIB Kazak Bank has been successfully working in Kazakhstan banking system since 1997. The bank renders all major types of commercial and banking operations common for the financial services market, including services to corporate and private clients, provision of loans to small and medium businesses and development of the international business. In the end of 2011 TAIB Kazak Bank was ranked 37th among 38 Kazakhstan banks by assets.