/KASE, June 15, 2017/ – Halyk Savings Bank of Kazakhstan (Almaty), whose
securities are officially listed on Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press release of June 15, 2017:
quote
JSC Halyk Bank ("Halyk Bank") hereby announces the signing of the sale and
purchase agreements (the "Agreements") with Mr.Kenges Rakishev to acquire
86.09% of ordinary shares of JSC Kazkommertsbank ("Kazkommertsbank") for a
consideration of 1 Kazakhstan tenge, and separately with JSC "Sovereign
Wealth Fund "Samruk-Kazyna" ("Samruk-Kazyna") to acquire 10.72% of ordinary
shares of Kazkommertsbank also for a consideration of 1 Kazakhstan tenge.
The signing of the Agreements with Mr.Rakishev and Samruk-Kazyna follows the
signing on 2 June 2017 of the Framework Agreement between the Government of the
Republic of Kazakhstan (represented by the Ministry of Finance of the Republic
of Kazakhstan), the National Bank of the Republic of Kazakhstan, Samruk-Kazyna,
JSC Fund of Problem Loans, JSC BTA Bank ("BTA Bank"), Kazkommertsbank,
Mr.Rakishev and Halyk Bank, as previously announced.
The closing of the transaction is subject to certain conditions precedent,
including, inter alia:
- Acquisition by JSC Fund of Problem Loans of certain assets and loans from
BTA Bank;
- Repayment of the loan by BTA Bank to Kazkommertsbank for an amount of
up to 2.4 trillion tenge;
- Mr.Rakishev having acquired ordinary shares (including those in the form of
global depository receipts issued with regards to these ordinary shares)
currently held by Qazaq Financial Group, Mr. Subkhanberdin and Central
Asian Investment Company; and
- Receipt of customary regulatory approvals from the relevant regulatory bodies
in Kazakhstan and certain other jurisdictions.
The closing of the transaction is currently expected to take place in the third
quarter 2017, but in any case prior to 31 December 2017.
As part of the transaction and in addition to cash consideration paid for the
acquired ordinary shares, after satisfaction of the conditions precedent, Halyk
Bank expects to recapitalise Kazkommertsbank for KZT 185bn in accordance
with capital requirements set by the National Bank of the Republic of Kazakhstan,
to bring Kazkommertsbank's capital adequacy ratio (K1-2) in line with those
maintained by domestic peers. It is expected that Halyk Bank will finance the
recapitalisation of Kazkommertsbank from its own internal sources.
Following completion of the transaction enlarged Halyk Group would be able to
become an undisputed leader of the Kazakhstan financial sector with materially
improved position across all client segments, strengthened branch, ATM and
POS-terminal network, expanded products and services proposition to its clients
in banking, insurance, brokerage and asset management.
Umut Shayakhmetova, CEO of Halyk Bank, said:
"This deal is landmark for the Kazakhstan financial sector. It will allow to
enhance the health and stability of the banking system, as well as to create a
major financial group, not only able to compete domestically, but also expand
its foreign operations and address the challenges associated with Kazakhstan's
membership in the WTO.
It remains Halyk Bank's priority to ensure safety of our clients' savings,
provide a wide range of products and services, and to work on the increase of
market capitalisation of the group for the benefit of our investors and shareholders.
We will focus our efforts on both Halyk Bank's and Kazkommertsbank's clients,
and implement the best practices used by each of the banks.".
unquote
The press release is available on KASE website –
http://www.kase.kz/files/emitters/HSBK/hsbk_reliz_150617_eng.pdf
[2017-06-15]