Turkish lender Bankpozitif has agreed to sell its Kazakhstan arm BankPozitiv Kazakhstan to Eurasian Bank JSC.
The deal is now subject to regulatory approval, with the sale amount to be defined after the deal is finalised, Bank Pozitif said.
Commenting on the move, Bankpozitif said: "Recently, BankPozitiv Kazakhstan lost its strategic importance due to changes in the banking regulations in Kazakhstan, increase in the risk profile of the country and the limited growth potential for our subsidiary bank."
The Kazakhstan business of BankPozitiv started its operations in 2007.
Latest financial statement from BankPozitiv Kazakhstan cite that the bank holds capital of KZT11.14bn ($41.1m), managing 7.7% of the total assets of Bank Pozitif.
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