Halyk Bank completes acquisition of a 96.81 percent stake in Qazkom
It was announced that on June 15, 2017, Halyk Bank completed the acquisition of 86.09% of Qazkom's common shares from Kenes Rakishev and 10.72% from the National Welfare Fund Samruk- Kazyna.
Among the terms of the transaction were: the acquisition by Rakishev of blocks of shares owned by N. Subkhanberdin and JSC "Central Asian Investment Company"; Full repayment of loan debt of BTA Bank JSC to Kazkommertsbank; Repayment by Kazkommertsbank of its KZT41 bn debt to Samruk-Kazyna NWF for BTA Bank JSC shares under the 2014 deal.
As previously reported, in consultation with the National Bank, Halyk plans to capitalize Kazkommertsbank for the amount of KZT 185 billion, which will bring Qazkom's equity ratio to the level of comparable Kazakhstan banks.
Head of the Halyk Bank Umut Shayakhmetova said: "Successful completion of the acquisition of one of the largest financial institutions in the country with a wide branch network, a significant volume of client operations and presence in several foreign jurisdictions was the result of the well-coordinated work of Halyk Bank team and its consultants. The scale of the deal is evident through the participation of many parties, including the state represented by the National Bank, Finance Ministry, and the National Welfare Fund Samruk-Kazyna. At the same time, I want to note that the National Bank conducted an unprecedented work of its own in organizing a comprehensive audit of Kazkommertsbank, which allowed the transaction to be successfully completed."
According to her, the shareholders set a task before the new management of Kazkommertsbank of developing and implementing a new strategy for the development of the bank within Halyk Group, which, among other things, will allow to achieve significant synergies at the group level and ensure further growth of shareholder value.
"We will do our best to preserve and improve the quality of customer service, continue developing IT technologies, restore customer lending, retain the well-qualified staff of Kazkommertsbank," she concluded.