OREANDA-NEWS. On May 06, 2008 the transaction with EBRD took place as a result of Kazkommertsbank exercising its option for the purchase of Kazkommerts Policy shares, which was included in the contract signed by Kazkommertsbank and EBRD, reported the press-centre of Kazkommertsbank.

EBRD has been one of the key shareholders of Kazkommerts Policy over the past five years. Beibit Apsenbetov, Managing Director of Kazkommertsbank, commented on the today’s announcement: “Having EBRD as a strategic investor in Kazkommertsbank Policy has been a great asset providing the company’s management with valuable experience in corporate and financial management, and allowing Kazkommerts Policy to become one of leaders in the Kazakh insurance services market.”

Earlier, Kazkommerts Life added another 290,000 shares to its charter capital of KZT800 millions (800,000 shares). This transaction was a result of the new requirements of the Agency for Regulation and Supervision of Financial Markets and Financial Institutions (AFN) with respect to the minimal paying capacity margin of life insurance companies, which affects the minimal required amount of capital of these companies.