KKB signs agrt with MKB to purchase 1,400,000 registered uncertified common shares

According to Kenges Rakishev, major shareholder and the Chairman of the Board of Directors of the Bank, Kazakhstan and Russia are historically having close trade and economic ties which developed further post formation of the EEU.

"Kazkommertsbank, as a systemic financial institution of Kazakhstan, clearly understands the importance of strengthening the economic cooperation between two countries further and has been supportive to this ongoing process. This understanding was one of the drivers to support Moskommertsbank via capital injection. In the short run, we plan to focus on further development of business in Russia. I have personally chaired the Board of Directors of Moskommertsbank to have a hands-on approach in taking strategically important decisions", said he.

The above-mentioned transaction did not affect the holding of Kazkommertsbank which remained at 100%. As a result of the transaction share capital of Moskommertsbank shall amount to RUB 2,843,600,000.

Source: KASE