NB comments on potential purchase of Kazkommertsbank’s shares by Halyk Bank

“As per the legislation, the implementation of the deal will be possible subject to observance of the rights and legal interests of the depositors, lenders, other customers and counteragents of the banks including their international commitments,” O.Smolyakov said.

“The National Bank and Halyk Bank need to jointly examine the quality of assets of Kazkommertsbank in order to implement the deal. Quantitative parameters of the deal will be known after we receive the results of independent examination with public disclosure of the information obtained,”  noted Smolyakov. He added that “additional capitalization of Kazkommertsbank will be a basic condition for its purchase by Halyk Bank in order to ensure its non-stop work.”

Smolyakov stressed that substantial share of Kazkommertsbank’s loan portfolio (more than 50%) is represented by the obligations of JSC BTA Bank.  However, the assets of BTA do not form sufficient level of financiaposiblel flows required for their maintenance at the Kazkommertsbank.  That is why, at the initial stage, the assets of  BTA should be separated from the assets of Kazkommertsbank. This process will be operated by JSC Fund of  Non-Performing Loans. Later, these assets will be involved in economic circulation under the PPP projects including the regional development programmes.

Recall that earlier, the National Bank announced signing a memorandum of understanding among the Government, National Bank, Samruk-Kazyna Fund, Non-Performing Loans Fund, Halyk Bank and BTA Bank on potential purchase of Kazkommertsbank’s shares.