ALMATY (TCA) — A Share Purchase Agreement was signed on December 30 between Kazakhstan’s Sovereign Wealth Fund Samruk-Kazyna (SK) and Joint Stock Company Kazkommertsbank (KKB) regarding the purchase of 224,353,416.49 shares in Şekerbank T.A.Ş. by KKB which represents 19.37 percent of the share capital of Şekerbank, the press service of KKB said.
In accordance with the Agreement, the sale process (transfer of shares and payment for shares) will be affected pursuant to the execution of necessary conditions precedent, including compliance with the conditions of the current Shareholders Agreement signed with the other majority shareholder of the Bank — Şekerbank T.A.Ş. Personeli Munzam Sosyal Güvenlik ve Yardımlaşma Sandığı Vakfı (SEMVAK/Şekerbank T.A.Ş. Voluntary Pension Fund), necessary boards resolutions and permissions to be obtained from relevant Government authorities. The sale price will be determined at the date of share transfer.
Şekerbank was founded in 1953 in Anatolia for the purpose of financing agriculture and the sugar industry. The Bank received the name of Şekerbank when it moved to Ankara in 1956. The General Management of Şekerbank, the shares of which was offered to public in 1997 partially, moved to Istanbul in the year 2004.
Operating in the fields of enterprise and agricultural banking, commercial/SME banking, corporate banking and retail banking, Şekerbank is regarded as the “key bank of Turkey” by the international financial institutions to reach its broad-based local customer profile thanks to its expertise in the abovementioned fields, energy efficiency investments, and the support it offers to entrepreneurs.
Şekerbank has 301 branches, 11 regional directorates across Turkey (3 in Istanbul, 8 in Anatolia) and 1 foreign representative office.