COMPETITION COUNCIL CLEARS ACQUISITION OF 100 PER CENT OF SC FINASTA BANK, JSC FINASTA ASSET MANAGEMENT AND SC FINASTA BROKERAGE COMPANY SHARES BY JSC MOKILIZINGAS

On 10 July, the Competition Council (KT) cleared acquisition of 100 per cent of SC FINASTA bank, JSC Finasta Asset Management and SC FINASTA brokerage company shares by JSC Mokilizingas.

JSC Mokilizingas is a financial service provider engaged in leasing and consumer loans.

SC FINASTA bank is engaged in wealth and asset management, investment brokerage and corporate finances.

JSC Finasta Asset Management manages personal portfolios, pension and investment funds and provides other asset management services.

 SC FINASTA is a non-banking financial brokerage company engaged in securities sale-purchase brokerage. The company also provides accounting services to issuers.

Having evaluated all the circumstances related to the merger, the KT acknowledged that the intended merger will not create or strengthen the dominant position, or significantly restrict competition in the relevant markets