Italy’s UniCredit does not plan to sell its Kazakhstan-based ATF Bank

Italy’s UniCredit does not plan to sell its Kazakhstan-based ATF Bank. This was announced by ATF Managing Director Alexander von Gleich today in Almaty at the 5th annual conference focused on Kazakhstan-related Fitch ratings, KazTAG reports. “There are some speculations in the press that the Italian group is selling the Kazakhstan’s subsidiary (...) These are mere rumours (…) UniCredit will keep working in Kazakhstan (…) we have lived through a tough period: for the three years we have done a great job and invested much money”, he said. According to him, ATF plans to increase its net worth by $275 million. “It might happen mid May. We see good prospects for us and for the nation’s economy”, the Managing Director said.Earlier Tengrinews.kz reported that UniCredit planned to sell ATF Bank. In 2007 UniCredit bought ATF for $2.1 billion.