JSC Halyk Savings Bank of Kazakhstan entered into a preliminary discussion with JSC Kazkommertsbank and its majority shareholder, Kenges Rakishev, over a possible transaction, the banks said Jan. 20.

No related terms and conditions were disclosed.

Rumors circulated in November 2016 about a potential merger between the two banks, though they both rejected the speculation. Sources told Bloomberg News in late December 2016 that Kazakh officials were considering a rescue package for Kazkommertsbank, which they added had already received central bank liquidity support.