5 Sep 2017 16:02

Kazakhstan's Halyk Bank completes acquisition of Kazkommertsbank shares

ALMATY. Sept 5 (Interfax) - Halyk Bank of Kazakhstan became owner of 99.72% of ordinary shares and 23.55% of preferred shares of Kazkommertsbank (KKB) on August 29, 2017, the Kazakhstan Stock Exchange (KASE) has said in a statement.

Halyk Bank purchased from Kazkommertsbank 13.688 million ordinary shares at 142.67 tenge per share, 31,311 preferred shares at 71.55 tenge per share, 3.082 million GDR representing ownership interest in KKB's ordinary shares at $0.86 per GDR and 14.656 million GDR representing ownership interest in KKB's preferred shares at $0.43 per GDR.

The total value of the deal is $14.8 billion

Halyk Bank's major shareholder is Almex Group (63.73%), which is controlled by Dinara Kulibayeva, the president's daughter, and her spouse Timur Kulibayev.

According to the Kazakh National Bank, Halyk Bank Kazakhstan and Kazkommertsbank were ranked 1st and 2nd, respectively, by assets among the 33 Tier 2 banks operating in Kazakhstan in January-June 2017.

The current exchange rate is 332.19 tenge/$1.