OREANDA-NEWS. June 10, 2010. In accordance with resolutions of the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of financial market and financial organizations dated May 18, 2010 No. 65 and No. 66, decisions were made to issue permissions to Tsesnabank for acquisition of its subsidiary and accord to receive status of a major member in its subsidiary insurance company Tsesna Garant, reported the press-centre of KASE.

Formerly the company was named IC SAK Insurance. At the beginning of the year the bank registered the legal entity and reregistered license No. 2.1.49 dated March 5, 2010 for general insurance activity.

In Q1 Y2010 company assets reached KZT507 m, insurance reserves - KZT28 m, own capital is KZT469 m, authorized capital - KZT450 m. The company entered into insurance agreements for a total of KZT29.7 m with KZT3.1 m premiums in voluntary individual insurance, and KZT4.5 m premiums for voluntary property insurance.

According to Tsesna Garant chairman Mars Aldashov, the company is facing big challenges. "Shareholders, and Tsesnabank, in particular, did not aim to establish a company engaged in services for the Tsesna Group exclusively. They planned to build a universal insurance company, operating in retail and corporate insurance segments; a high-profile company, providing interesting products, new sales systems and innovative technologies. We are confident the Tsesna brand will add to produce an impression for potential clients and population", - Mars Aldashov commented.