OREANDA-NEWS. Kazkommertsbank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release:

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JSC Kazkommertsbank (further the “Bank”, “KKB”) has entered into the agreement with JSC CB "Moskommertsbank" (further “MKB”) to purchase 1,400,000 registered uncertified common shares of MKB at RUB 1,000 per share.

Kenges Rakishev, major shareholder and the Chairman of the Board of Directors of the Bank, commented: "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". 

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.

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