trending Market Intelligence /marketintelligence/en/news-insights/trending/6zomq5jcuzec5zcjg03rwa2 content esgSubNav
In This List

Report: Kazakh regulator clears acquisition of Kazkommertsbank's units by Halyk

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Report: Kazakh regulator clears acquisition of Kazkommertsbank's units by Halyk

The Kazakh central bank authorized JSC Halyk Savings Bank of Kazakhstan to acquire various units of JSC Kazkommertsbank as part of the ongoing merger process between the two companies, Kapital.kz reported June 12.

Halyk Bank obtained regulatory permits to acquire JSC Life Insurance Co. Kazkommerts Life and JSC Insurance Co. Kazkommerts-Policy, lenders Commercial Bank Moskommertsbank (JSC) and Kazkommertsbank Tajikistan; Kazkommerts Securities; and Kazkommertsbank's distressed asset managers, KUSA KKB-1, KUSA KKB-2 and KUSA KKB-3. The bank was also permitted to hold a significant stake in First Credit Bureau.

In addition, the regulator approved the merger of Halyk Bank and Kazkommertsbank, and also allowed Kazkommertsbank to hold a significant stake in Halyk Bank's insurance unit, Kazakhinstrakh Insurance Co.

Halyk completed the acquisition of Kazkommertsbank in July 2017, and their merger is expected to be finalized in the second half of 2018. The merged entity will use the Halyk Bank brand, but the lender will keep ownership rights to the Kazkommertsbank trademark, Halyk chief Umut Shayakhmetova was cited as saying.