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AKIPRESS.COM - Halyk Bank will invest 185 billion tenge ($585 million) in Kazkommertsbank after buying 96.81% stake in KKB for a symbolic sum, Halyk Bank said in a statement on June 15.
"Mr Kenges Rakishev and Halyk Bank of Kazakhstan JSC and separately Sovereign Wealth Fund Samruk Kazyna JSC and Halyk Bank of Kazakhstan JSC signed the sale and purchase agreements to acquire ordinary shares of Kazkommertsbank for consideration of 1 Kazakhstan tenge," the statement said.
The deal that should be finalized by the year end.
The banks signed a provisional takeover agreement in March, a deal supported by the government and central bank to strengthen the country's ailing banking sector.
In line with preliminary agreements, Halyk said on Thursday the deal was conditional on KKB selling 2.4 trillion tenge ($7.5 billion) of bad loans to Kazakhstan's state-run "bad bank".