Brother of Kazakh President buys 50% of Ukrainian Eurobank

The Anti-Monopoly Committee of Ukraine has permitted citizen of the Republic of Kazakhstan Bolat Nazarbayev to buy a 50% stake in Eurobank.

According to the website of the committee, as of May 20, 2015, 50% of the bank is owned by Alexander Adarich’s Finance Analit Servis, the other 50% is owned by Vadim Pushkarev’s Marketing Technologies.

Nazarbayev is going to buy Adarich’s stake.

On May 20, the National Bank of Ukraine reported that the other stake may also be bought by a Kazakh citizen. The committee is considering his bid but has not decided yet. Officially, the name of the bidder is unknown but some Ukrainian mass media say that it is Gulmira Sarsembayeva.

Eurobank was established in 2005. As of Apr 1, 2016, it had the 47th biggest assets in Ukraine’s banking sector (1.7bn UAH or almost $70mn). According to the National Bank of Ukraine, on Oct 1, 2015, the bank was the 22nd biggest among Ukraine’s 122 banks with 7.616bn UAH or $300mn assets.

Bolat Nazarbayev is the brother of President of Kazakhstan Nursultan Nazarbayev. In 2014, he bought 7.83% of Bank RBK of Kazakhstan. Among the owners of that bank are the Directorate for Property Management Fund-Invest, established by the only founder is Nursultan Nazarbayev’s Fund, and Head of SBS Group Farid Lyukhudzyayev.