OREANDA-NEWS. February 09, 2009. Kazkommertsbank (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the press release on the following, reported the press-centre of KASE:

Kazkommertsbank informs that on January 28, 2009, Board of Directors decided to voluntary liquidate the bank subsidiary - Kazkommerts RFCA and voluntary return to the authorized body of Kazkommerts RFCA license for brokerage and dealer activities implementation.

Kazkommerts RFCA has been created in February 2007 as the participant of the Regional Financial Center of Almaty (RFCA). At the moment of the company creation by the legislation of Kazakhstan was established the requirement that participants of RFCA can be only those securities market professional participants, registered as legal entities in the Agency of the Republic of Kazakhstan on Regulation of Activities of the Regional Financial Center of Almaty. The only activity type of Kazkommerts RFCA was conclusion of deals in financial instruments on the Special Trading Floor of RFCA.

Later the requirement of the legislation on RFCA activities through the specially created company was eliminated and another subsidiary of the bank got an access to the Special Trading Floor of RFCA - Kazkommerts Securities, also specializing on the securities market and that has all necessary licenses.

Considering the above mentioned, within the general strategy on subsidiaries consolidation the bank considers irrational functioning of two subsidiaries in one and the same market segment. All clients of Kazkommerts RFCA at present are transferred to Kazkommerts Securities, and at the moment of making the decision on voluntary liquidation, Kazkommerts RFCA does not have any unfulfilled obligations. The voluntary liquidation procedure will be made in compliance with norms and requirements of the legislation in force.