Kazkommertsbank announces completing reorganization of own subsidiary insurance companies

/KASE, September 17, 15/ – Kazkommertsbank JSC (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has by an official letter informed KASE of the following: quote ... JSC Kazkommertsbank ("The Bank", "KKB") informs on merger of its subsidiary insurance companies, as a result of which JSC "Subsidiary Life Insurance Company of "BTA Bank" JSC "BTA Life" ("BTA Life") merged with JSC "Life Insurance Company "Kazkommerts-Life" ("Kazkommerts-Life"). Reorganization of the insurance companies was approved at the joint meeting of the Boards of Directors of KKB and BTA on 27 November 2014. Earlier, in the framework of simultaneous transfer of assets and liabilities between KKB and BTA, 100% shares of BTA Life owned by BTA Bank were transferred to KKB. Currently, KKB is the sole shareholder of Kazkommerts-Life. All liabilities of BTA Life to its clients have been transferred to Kazkommerts-Life". unquote [2015-09-17]