According to the Information Agency News – Kazakhstan, the National Bank of Kazakhstan has allowed Kazkommertsbank to purchase the status of banking holding BTA Bank.
“The Board of the National Bank of the Republic of Kazakhstan has adopted Statement No. 73 dated 6 May 2014 Concerning Approval of JSC Kazkommetsbank’s Purchase of Status of Banking Holding JSC BTA Bank”.
As reported, Kazkommertsbank and the entrepreneur, Kenes Rakishev, have agreed to purchase each from the National Welfare Fund Samruk-Kazyna of 46.5% of JSC BTA Bank capital. Samruk-Kazyna shall transfer the remaining 4.26% of BTA to Kazkommertsbank for trust management; therefore, the bank shall obtain the operational control over BTA.
Upon completion of transaction, BTA and Kazkommertsbank shall be combined to create the largest universal bank in the region.