Samruk-Kazyna has announced a preliminary, non-binding agreement to initiate the sale and purchase of shares of the BTA Bank fund.
Samruk-Kazyna is a consortium of Kazkommertsbank and businessman K. Rakisheva, both of which will acquire shares equal to that of BTA Bank, according to the preliminary agreements.
Samruk-Kazyna will retain a minority share in the bank while the structure of the transaction will provide Kazkommertsbank with the opportunity to monitor the activities of BTA Bank.
The parties will be ensuring the stability and dynamic development of Kazkommertsbank BTA Bank.
BTA Bank is the third largest lender in Kazakhstan by assets. It is headquartered in Almaty under the full name of BTA Bank Joint-Stock Company. It was first opened in 1925 by the Presidium of Central Council of the Kazakhstan national economy as part of the department of Industrial Banking.
The bank underwent a rather difficult and scaled restructuring process between 2009 and 2013.
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