KazkommertsBank merged with Halyk Bank

30 July, 2018, 12:47 413
KazkommertsBank merged with Halyk Bank

Banks completed all the necessary technological work as a result of which, customers of Kazkommertsbank and Halyk Bank can now be serviced in all branches and branches of the People's Bank.

Halyk Bank of Kazakhstan (National Savings Bank of Kazakhstan Joint-Stock Company) and Kazkommertsbank JSC fixed the transfer act, which is the legal registration of the transfer of all property to the Halyk Bank of all rights and obligations of Kazkommertsbank within the framework of voluntary reorganization of second-tier banks in the form of Kazkommertsbank's joining the Halyk Bank, the press service of the United Halyk Bank informed, according to BNews.kz.

"We have completed a large process that has lasted for more than a year and a half, starting with the entry into negotiations, due diligence procedures, prior to the acquisition of Kazkommertsbank shares, the completion of the transaction itself, and finally, the subsequent integration and merger of the two banks. Bank and Kazkommertsbank for a unified technology platform have been completed in full accordance with the schedule. There is a new stage in the history of the People's Bank and the entire financial sector of Kazakhstan. Millions of clients trust the People's Bank, and we will make every effort to meet their expectations, " chairman of the Halyk Bank Board Umut Shayakhmetova commented on the results of the integration.

Decisions on the approval of the transfer act were adopted on July 26 at the extraordinary general meeting of shareholders of the Halyk Bank, the extraordinary general meeting of shareholders of Kazkommertsbank and the joint general meeting of shareholders of banks.

"In accordance with the decisions of the shareholders, 758,687,723 common shares of Halyk Bank were placed among Kazkommertsbank shareholders in exchange for common shares of Kazkommertsbank. Thus, the process of transferring all property and all rights and obligations of Kazkommertsbank to the Halyk Bank was completed. This was preceded by obtaining the preliminary permission of the Halyk Bank of Kazakhstan,"  the text of the message reads.

Also, banks completed all the necessary technical work as a result of which, customers of Kazkommertsbank and Halyk Bank can now be serviced in all branches and branches of the Halyk Bank. Subsidiary organizations of Kazkommertsbank become subsidiaries of Halyk Bank.