OREANDA-NEWS. December 25, 2009. Kazkommertsbank (the “Bank”), one of the largest banks in Kazakhstan and Central Asia, announced that it has increased the chartered capital of JSC “Life insurance company “Kazkommerts Life”, as part of its commitment to capitalising its subsidiaries, reported the press-centre of Kazkommertsbank.

Kazkommertsbank purchased 69,000 newly issued shares in Kazkommerts Life for the price of KZT1,000 per share in accordance with its preemptive rights. As a result, the chartered capital of Kazkommerts Life increased by KZT69 million to KZT1,451 million. Kazkommertsbank continues to own   100% of the company.

The planned capital injection was made in order to maintain the financial stability of this subsidiary and to comply with capital adequacy requirements.

JSC “Kazkommerts Life” is one of the top three life insurance companies in Kazakhstan.