JSC Halyk Savings Bank of Kazakhstan said that it has finalized its merger with JSC Kazkommertsbank.

The two lenders signed a transfer act that completes the takeover by Halyk Bank of all property, rights and obligations of Kazkommertsbank. Following the merger, the subsidiaries of the latter lender became subsidiaries of Halyk Bank.

Halyk also said that 758,687,723 of its common shares were offered to the shareholders of Kazkommertsbank other than Halyk, in exchange for Kazkommertsbank's shares.

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 by Kazakh media outlets as saying earlier in 2018.