Kazakhstan-based lender JSC Kazkommertsbank (KKB) and Kazakh businessman Kenes Rakishev has wrapped up the acquisition of JSC BTA Bank (BTA) shares from Samruk Kazyna National Wealth Fund, with an aim to create a mega bank.
Under the terms of the agreement, Kazkommertsbank and Kenes Rakishev, each acquired 46.5% of BTA Bank’s shares from JSC Sovereign Wealth Fund Samruk-Kazyna (SK).
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Simultaneously, SK transferred its remaining 4.26% stake in BTA to KKB in accordance with the Trust Agreement, thereby giving KKB with over 50% of voting rights and operational control of BTA.
The transaction, which has been approved by the KKB board of directors, has also received required apporvals from the Agency for Competition Protection and the National Bank of Kazakhstan.
Kazkommertsbak CEO Nina Zhussupova said, "Today’s event was the next major milestone in the implementation of our strategy, which is aimed at strengthening KKB’s position as one of the leading universal financial institutions in Kazakhstan and Central Asia."
"Now, together with other shareholders, we will focus on the process of integrating the two banks and reducing the level of non-performing loans."
