Almaty, 30 July 2018 — JSC Halyk Bank (“Halyk Bank”) and JSC Kazkommertsbank (“Kazkommertsbank”) inform that the Transfer Act was signed on 28 July 2018 as of 27 July 2018 (inclusive).
The execution of the Transfer Act completes the assumption by Halyk Bank of all property, rights and obligations of Kazkommertsbank as a result of voluntary reorganization of Halyk Bank and Kazkommertsbank in the form of Kazkommertsbank's merger into Halyk Bank.
Umut Shayakhmetova, Halyk Bank’s CEO, commented on the results of integration: “We have completed a large process that lasted for more than a year and a half, starting with the entering into discussions, due diligence procedures prior to the acquisition of shares of Kazkommertsbank, completion of the transaction itself, and finally, the subsequent integration and merger of two banks. All the transition procedures of Halyk Bank and Kazkommertsbank to a single technological platform were completed in accordance with the schedule. There comes a new stage in the history of Halyk Bank and the entire financial sector of Kazakhstan. Millions of customers trust Halyk Bank and we will do our best to meet their expectations”.
On 26 July 2018, Extraordinary General Shareholders’ Meeting of Halyk Bank, Extraordinary General Shareholders’ Meeting of Kazkommertsbank and Joint General Shareholders’ Meeting of Kazkommertsbank and Halyk Bank (together “the Resolutions of Shareholders”) resolved to approve the Transfer Act.
In accordance with the Resolutions of Shareholders, 758,687,723 common shares in Halyk Bank were issued to shareholders of Kazkommertsbank (excluding Halyk Bank) in exchange for common shares in Kazkommertsbank.
Therefore, Kazkommertsbank has now completed the process of transferring all of its property, rights and obligations to Halyk Bank. Preliminary approval of the National Bank of the Republic Kazakhstan was obtained before the execution of the Transfer Act.
In addition, all the required technical preparations were completed allowing customers of Kazkommertsbank and Halyk Bank to receive services at all branches and outlets of Halyk Bank. Kazkommertsbank’s subsidiaries are becoming subsidiaries of Halyk Bank.
For further information please contact:
Mira Kasenova +7 727 259 04 30
Yelena Perekhoda +7 727 330 17 19