JSC Halyk Savings Bank of Kazakhstan agreed to sell a 60% stake in JSC Altyn Bank to China CITIC Bank Corp. Ltd. and China Shuangwei Investment Co. Ltd.
Following the completion of the transaction, which is expected in the second half, Halyk Bank will be left with 40% ownership of Altyn Bank.
CITIC Bank is owned by CITIC Group Corp., which has a total of 44 subsidiaries. Owned by China Tobacco Corp., China Shuangwei Investment Co. invests in industries including energy, real estate, agriculture, education and financial products.
Halyk Bank is in the process of finalizing the takeover of domestic rival JSC Kazkommertsbank.