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Kazakh lenders Kazkommertsbank, Halyk Bank complete merger of Russian units

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Kazakh lenders Kazkommertsbank, Halyk Bank complete merger of Russian units

JSC Kazkommertsbank said May 22 that its Russian unit Commercial Bank Moskommertsbank (JSC) completed its merger with JSC NBK-Bank, the Russian subsidiary of JSC Halyk Savings Bank of Kazakhstan.

Following the merger, all rights and obligations of NBK-Bank were transferred to Moskommertsbank, which became the legal successor of the lender.

With assets exceeding 23 billion Russian rubles and a loan portfolio worth 12.4 billion rubles, the merged bank will focus on providing services to small and medium-sized businesses, as well as large corporate clients, giving priority to the development of merchant acquiring and transaction services.

The integration of the two Russian units is part of the upcoming merger of their Kazakh parents, which is expected to be finalized in the second half of 2018. Halyk completed the acquisition of Kazkommertsbank in July 2017.

As of May 22, US$1 was equivalent to 61.07 Russian rubles.