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Kenges Rakishev fully divests from non-core insurance business in Ukraine

Kenges Rakishev left the insurance business in Ukraine. Kazakhstan’s BTA Bank has ceased to be a co-owner of the insurance company “Oranta”. The last asset of Kazakhstan’s BTA Bank, owned by Kenges Rakishev, has been sold, shares of the Ukrainian insurance company Oranta have been sold, the businessman’s press service reported on Wednesday.

BTA Bank, which previously owned 20.28% of the shares of the national joint-stock insurance company Oranta, reduced its stake to zero. The shares were acquired by the Ukrainian company NS-Finance of businessman Alexander Yaroslavsky.

“Together with the sale of the insurance company, the sale of assets is being completed. We can assume that the last of the assets collected by the management of BTA Bank, headed by Kenges Rakishev, has been realized,” the message says.

In turn, Kenges Rakishev, whose words are quoted in the message, noted:

“According to BTA’s strategy for managing non-core assets, we exit them when we find strategic investors who are interested in the speedy implementation of these projects and have the appropriate competencies and the necessary investments for further development.”

BTA Bank, once one of the largest banks in Kazakhstan, found itself in a difficult financial situation due to the fraud committed by former owners. A few years ago, the bank passed its banking license and is now actually an asset management company. It is owned by Rakishev and controlled through his Fincraft Group.

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