Kazkommertsbank Sells Its Majority Stake in Kazkommertsbank Kyrgyzstan
OREANDA-NEWS. JSC Kazkommertsbank ("KKB" or the "Bank") (LSE: KKB; KASE: KKGB), one of the largest banks in Kazakhstan and Central Asia, announces that on 16 February 2015 KKB sold its 95.75% stake, representing 293,975 common shares, in OJSC Kazkommertsbank Kyrgyzstan. This transaction is in line with KKB's strategy to integrate with BTA Bank and optimise its subsidiaries. The value of the stake was based upon an independent appraisal prepared by international audit company.
Kazkommertsbank (KKB) is one of the largest banks in Kazakhstan and Central Asia with total assets of KZT 4,134 billion at 30 September 2014. In addition to its core banking business (retail and corporate) KKB has subsidiaries active in pension fund management, asset management, insurance and brokerage. KKB also has foreign subsidiaries in the Russian Federation, Kyrgyzstan and Tajikistan. Major shareholders of Kazkommertsbank include Central Asian Investment Company and Chairman of the Board Mr. Nurzhan Subkhanberdin, Alnair Capital Holding, the Kazakh Government through the Samruk-Kazyna National Welfare Fund and the European Bank for Reconstruction and Development. The Bank's shares are listed on the Kazakhstan Stock Exchange (KASE). Global Depositary Receipts, which are based on the shares of the Bank, trade on the London Stock Exchange (LSE). KKB completed an IPO in GDR form on the London Stock Exchange in November 2006, the first CIS bank to do so, in a deal totalling USD 845 million.