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Bank Hapoalim's Turkish unit Positif to sell Kazak bank
October 20, 2015 / 12:20 PM / 2 years ago

Bank Hapoalim's Turkish unit Positif to sell Kazak bank

TEL AVIV, Oct 20 (Reuters) - Israel’s Bank Hapoalim said its Turkish subsidiary Bank Positif has agreed to sell its bank in Kazakhstan to Eurasian Bank JSC for about $32 million.

Hapoalim, which owns nearly 70 percent of the Turkish bank, said on Tuesday it expects to book a loss of 28 million shekels ($7.25 million) from the sale of Kazak-based JSC Bank Pozitiv, which provides banking services to business and private customers.

Israel’s largest bank said its international strategy is now focused on the United States and on international private banking. A presence in Kazakhstan, which Hapoalim obtained when it acquired the Turkish bank in 2007, is no longer significant for the bank, it said.

“The regulatory environment in Kazakhstan has changed, Kazakhstan’s risk profile is high and Hapoalim’s growth potential there is limited,” Hapoalim said in a statement.

The sale is subject to regulatory approvals. ($1 = 3.8621 shekels) (Reporting by Tova Cohen)

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