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UniCredit considers selling ATFBank

24 march 2011, 18:12
By Yaroslav Radlovskiy©
By Yaroslav Radlovskiy©
Italy's biggest bank UniCredit SpA considers selling Kazakhstan ATFBank, Rosinvest reports.

The sale will take place if the offer is good.

In 2007 UniCredit bought ATF for $2.1 billion. During the financial crisis UniCredit wrote more than €500 million off the value of its acquisition. Now UniCredit is expecting better results in Kazakhstan compared to the last couple of years.

According to the bank's Chief Executive Officer Federico Ghizzoni UniCredit is not under pressure to sell the Kazakh unit, but is ready to consider the possibilty.

Earlier Tengrinews.kz reported that in 2011 ATFBank was planning to change its name to UniCredit Bank.

UniCredit saw net profits fell by 22.2 percent to 1.323 billion euros ($1.877 billion) last year. The profit fall was due in part to "several non-operating, non-recurring items" such as goodwill impairment and deferred tax payments, the company is reported by AFP as saying in its statement.

The new figures follow a halving of profits in 2009, then due to loan payment problems by customers hit by the economic crisis.

The Libyan state is the biggest shareholder in UniCredit with a stake of 7.582-percent and Libya is represented on the bank's board of directors.

Earlier this week UniCredit said it had frozen a Libyan stake in the lender worth an estimated 3.6 billion euros ($5.0 billion) following the adoption of European Union sanctions against the regime of Moamer Kadhafi.

The bank's chief executive Federico Ghizzoni has promised stability following the dramatic ouster of his predecessor lst year in a row over management.

UniCredit Bank is a leading European bank operating in 22 countries with about 162.000 employees and 9.585 branches.

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