Jusan Bank and First Heartland Bank merger has been successfully completed. As a result, the assets of the combined bank - First Heartland Jusan Bank - amounted to KZT 1.264 trillion. Under the merger process, the bank's equity increased by 14% to KZT 144 billion, and customer deposits exceeded KZT 620 billion.
“The combined bank will provide competitive services thanks to the synergy of First Heartland Bank’s corporate client base and Jusan Bank’s full-fledged product line. The consolidation of the two complementary businesses will help restore the leading positions in the banking sector”, commented Bekzhan Pirmatov, Chairman of the Management Board (CEO) of First Heartland Jusan Bank.
According to CEO, the merger of the two banks is planned as part of the new business strategy aimed at restoring customer confidence and providing the customers with the best financial instruments and services.
“According to a number of performance indicators, now Jusan Bank is a reliable bank with a huge liquidity cushion. The merger with First Heartland Bank, which was previously part of global banks and obtained wide experience in international services, will further strengthen the position of Jusan Bank in the financial market of Kazakhstan”, said Tolganay Botakanova, Member of the Management Board and Deputy Chairman of the Management Board of First Heartland Jusan Bank.
As of 1 August 2019, Jusan Bank’s current liquidity ratio (k4) was 1,549.6% (while the standard is at least 30%), which exceeds the requirement more than 50 times. At the same time, the capital adequacy ratio (k1) measuring the proportion of the Bank’s equity and risk weighted assets stood at 27.5% (while the standard is at least 7.5%). In other words, Jusan Bank not only complies with all the prudential requirements, but also has a huge degree of sustainability.
First Heartland Jusan Bank (former Tsesnabank) has been operating in the Kazakhstan financial market since 1992. As of today, Jusan Bank is represented by 116 outlets throughout 22 regions of Kazakhstan.
Jusan Bank offers its individual and corporate customers a full range of banking services, including the opening and servicing of current accounts, international plastic cards, loans, mobile banking, deposits and money transfers in Kazakhstan and abroad. The Bank seeks to provide its customers with efficient, high-quality and customer-oriented service. In February 2019, First Heartland Securities JSC, the investment division of the financial holding company of the group of autonomous educational organizations of Nazarbayev University and Nazarbayev Intellectual Schools acquired 99.8% of ordinary shares of Tsesnabank. On April 26, 2019, the new shareholder rebranded the Bank. The renewed bank became known as First Heartland Jusan Bank with the retail brand Jusan Bank.
On 12 August 2019, S&P Global Ratings revised the outlook on First Heartland Jusan Bank to positive from stable and affirmed its 'B-/B' long- and short-term issuer credit ratings. The national scale rating was raised to ‘kzBB’ from ‘kzBB-’.
As of 2 September 2019, First Heartland Jusan Bank is among the three market leaders by the proportion of liquid assets standing at 80% of total assets or over KZT 705 bn, and is at the top position by loan loss reserves.
PR-manager: Aisulu Mustapayeva
Tel.: 8 747 482 28 94