Halyk Savings Bank of Kazakhstan completes acquisition of 96.81 % of ordinary shares of Kazkommertsbank
05.07.17 14:29
/KASE, July 5, 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 dated June 5:
quote
JSC Halyk Bank ("Halyk Bank") hereby announces the completion of transactions
for acquisition of 96.81% of ordinary shares in JSC Kazkommertsbank ("Kazkommertsbank"),
including 86.09% from Mr K.Kh. Rakishev and 10.72% from joint stock company
Sovereign Wealth Fund "Samruk‐Kazyna", in accordance with the sale and purchase
agreements entered into on 15 June 2017.
The transactions were completed following satisfaction by the parties of certain
conditions precedent, including:
- completion of due diligence by Halyk Bank and the National Bank of the
Republic of Kazakhstan ("National Bank");
- acquisition by Mr. Rakishev of shares in Kazkommertsbank from Mr. N.S.
Subkhanberdin and JSC Central Asian Investment Company;
- full repayment of the loan by BTA Bank to Kazkommertsbank;
- receipt of customary approvals from the relevant regulatory bodies in
Kazakhstan and other applicable jurisdictions;
- repayment by Kazkommertsbank of 41 billion tenge owed to Samruk-Kazyna for the
shares in JSC BTA Bank under the 2014 transaction.
As announced earlier, Halyk Bank is planning to recapitalise Kazkommertsbank
for a total of KZT 185 billion (as agreed by the National Bank), which will
bring Kazkommertsbank's capital adequacy ratio in line with those maintained by
domestic peers.
Umut Shayakhmetova, Chairperson of the Management Board of Halyk Bank,
commented: "Successful completion of a deal to acquire one of Kazakhstan's
largest financial institutions, with its extensive branch network, large volume
of client transactions, and presence in a number of foreign jurisdictions, has
been a result of a concerted effort of Halyk Bank's team and its advisors.
Involvement of multiple parties, including the state, as represented by the National
Bank of Kazakhstan, the Ministry of Finance, and Samruk‐Kazyna, provides further
testament to the scale of the transaction. In particular, I would like to
highlight Halyk Bank's unprecedented focus on organising comprehensive due
diligence of Kazkommertsbank, to ensure successful completion of the deal. As
to the new management team of Kazkommertsbank, the shareholders have assigned
them a task to devise and implement a new development strategy for the bank
within Halyk Group, which, among other things, will help deliver significant
group‐wide synergies while creating additional shareholder value. We will do
our best to sustain and enhance the quality of client service, continue to
advance the bank's information technologies, restore customer lending and
retain Kazkommertsbank's professional staff".
About Halyk Group
JSC Halyk Bank and its subsidiaries (together – Halyk Group) is Kazakhstan's
leading financial services group, operating across a variety of segments,
including retail, SME & corporate banking, insurance, leasing, brokerage and
asset management. Halyk Group also operates in Georgia, Kyrgyzstan and Russia.
With total assets of KZT 5,201.1 billion, Halyk Bank is Kazakhstan's
leading lender. The Bank has the largest customer base and broadest branch
network in Kazakhstan, with 506 branches and outlets across the country. Halyk
Bank has been listed on the Kazakhstan Stock Exchange since 1998 and on the
London Stock Exchange since 2006.
Assel Tynyshbekova, PR-service of Halyk Bank of Kazakhstan:
tel. +7 727 2 590 816, pr@halykbank.kz
www.halykbank.kz
unquote
[2017-07-05]