ALMATY (TCA) — Kazakhstan’s Kazkommertsbank (KKB) and BTA Bank (BTA) have announced that on 26 December both banks held extraordinary general meetings of their shareholders that have approved targeted operating model for integration of KKB and BTA in the form of the Transfer of assets and liabilities between parent bank (KKB) and banking subsidiary (BTA).
According to the banks’ press services, the targeted operating model for their integration is subject to the following conditions: introduction of necessary changes to the legislation of Kazakhstan; transfer to KKB or repayment of foreign liabilities of BTA; independent valuation of assets of BTA and KKB subject to the Transfer; approval of the Transfer by the Board of Directors of BTA and KKB, and approval by the National Bank of Kazakhstan.
The Transfer will take place after fulfillment of conditions precedent and is planned for the 1st quarter of 2015. It is planned that BTA liabilities to creditors and depositors as well as part of the BTA assets will be transferred to KKB. BTA will ensure full and timely fulfillment of obligations to its clients until their transfer to KKB. After the Transfer KKB will fulfill obligations to the clients received from BTA in full in accordance with requirements of the legislation of Kazakhstan.
Kazkommertsbank is one of the largest commercial banks in the CIS and the largest by total assets in Kazakhstan. Headquartered in Almaty, the bank services its retail clients through a network of branches in 45 cities across Kazakhstan. Kazkommertsbank also has international banking subsidiaries in Kyrgyzstan, Tajikistan, and Russia.
BTA Bank, Kazakhstan's largest bank, was privatized in July 2014 as a result of the sale of 93% of BTA ordinary shares owned by Samruk-Kazyna national wealth fund to a consortium of investors represented by Kazkommertsbank and Kenes Rakishev. Currently, each of the new shareholders of the bank own 46.5% of BTA ordinary shares, while 4.26% of BTA ordinary shares owned by Samruk-Kazyna are placed under trust to Kazkommertsbank.