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UniCredit Seen Selling Kazakh ATF Bank for Under $520 Million

UniCredit SpA, Italy’s biggest bank, will say today that it’s selling ATF Bank to a Kazakh investor, a person with knowledge of the matter said.

The lender will probably sell its full stake in the Kazakh unit for less than 400 million euros ($520 million), said the person, who requested anonymity because the talks are private.

UniCredit owns 99.7 percent of Almaty-based ATF Bank through its Bank Austria AG subsidiary. The Kazakh bank was purchased by UniCredit for $2.1 billion in 2007. The lender has since taken writedowns on the unit amid a surge in bad loans in the country.

UniCredit rose 1 percent to 3.81 euros in Milan yesterday, valuing the company at 22 billion euros. UniCredit’s shares have added 2.7 percent this year, compared with an 8.3 percent increase in the 40-member Bloomberg Banks and Financial Services Index.

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