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Kazkommertsbank, Halyk to merge insurance units

JSC Kazkommertsbank and its parent, JSC Halyk Savings Bank of Kazakhstan, decided to merge their respective insurance units, JSC Insurance Co. Kazkommerts-Policy and Kazakhinstrakh, the two insurers said Feb. 13.

As part of a merger scheme approved by the shareholders of the insurance companies, Kazakhinstrakh will acquire common shares of Kazakommerts-Policy, offering the insurer's parent, Kazkommertsbank, its own shares in exchange, proportionally to the value of acquired Kazkommerts-Policy shares.

For the purpose of the transaction, the price of Kazkommerts-Policy shares was set at 49,701.7 Kazakh tenge apiece, while the offering price of Kazakhinstrakh shares was set at 69,287.5 tenge per share, with the ratio of the selling price to the offering price at 0.71732528.

Kazkommertsbank and Halyk Bank also plan to merge, with the process expected to be finalized in the second half of 2018. Halyk completed the acquisition of Kazkommertsbank in July 2017. The two lenders also recently decided to merge their Russian units Commercial Bank Moskommertsbank (JSC) and JSC NBK-Bank.

As of Feb. 13, US$1 was equivalent to 323.69 Kazakh tenge.