Halyk Bank, Kazkommertsbank decline to comment merger rumors
ALMATY. KAZINFORM - The press services of JSC "Kazkommertsbank" and JSC "National Savings Bank of Kazakhstan" are unaware of possible merger of the two banks, Kazinform correspondent reports from Almaty city.
"The press service is unaware of any plans of its shareholders to merge Kazkommertsbank with any other financial institutes," the bank's press service said in a statement.
Halyk Bank didn't comment on the possible merger as well.
Earlier Kazakhstani mass media claimed that the two largest banks in Kazakhstan Kazkommertsbank (KKB) and Halyk Bank are in discussion of a possible merger to establish a bank with assets of $27 billion.
It is worth mentioning that the two banks account for 37% of Kazakhstan's banking system assets. Halyk Bank has a market capitalization of $1.7 billion, while Kazkommertbank's market capitalization is approximately $540 million.
Kazkommertsbank is controlled by well-known Kazakhstani businessman Kenges Rakishev, while Halyk Bank is chaired by the Vlast Magazine's Banker of the Year Umut Shayakhmetov.