Merger of two banks completed in Kazakhstan

By  Trend

The accession of Kazkommertsbank JSC to Halyk Bank of Kazakhstan JSC has been completed, the joint Halyk Bank said in a statement.

The certificate of ownership and merger as of July 27, 2018 was signed on July 28, the message of the bank says.

"All the activities on the transition of Halyk Bank and Kazkommertsbank to a single technology platform have been completed in full accordance with the schedule. A new stage in the history of the Halyk Bank and the entire financial sector of Kazakhstan is beginning", the message said, with reference to the Chairman of the Board of "Halyk Bank of Kazakhstan" JSC Umut Shayakhmetova as saying.

Some 758,687,723 ordinary shares of Halyk Bank were placed with the shareholders of Kazkommertsbank (with the exception of Halyk Bank) in exchange for ordinary shares of Kazkommertsbank according to the shareholders' decision. Thus, the process of transfer of all property, all rights and obligations by Kazkommertsbank to the Halyk Bank has been completed.

In addition, Halyk Bank and Kazkommertsbank have completed all necessary technological work, as a result of which customers of Kazkommertsbank and Halyk Bank can now be served in all branches and offices of Halyk Bank.

The subsidiary organizations of Kazkommertsbank become affiliated organizations of Halyk Bank.