OREANDA-NEWS. February 10, 2009. The Board of Directors of Kazkommertsbank approved to voluntary liquidate its subsidiary Kazkommerts RFCA LLP and return a license for brokerage and dealership activities issued in favor of Kazkommerts RFCA by authorised governmental bodies, reported the press-centre of Kazkommertsban.
 
Kazkommerts RFCA was established in February 2007 to act as a member of the Regional Financial Center of Almaty (RFCA). According to the respective legislation, a membership at RFCA was subject to registration of a special purpose company with the Agency on regulation of RFCA's activity. Operations of Kazkommerts RFCA were limited to dealing in financial instruments at the RFCA special trading floor.
 
Due to the changes adopted subsequently, the requirement to deal via a special purpose company when trading at the RFCA was abandoned and Kazkommerts Securities JSC, another subsidiary of the Bank that provides services in securities markets and has all required licenses, obtained an access to the RFCA special trading floor.
 
In view of the aforesaid, and following its strategy on consolidation of subsidiaries, the Bank considers unreasonable to have two subsidiaries operating in the same segment of the securities market. All Kazkommerts RFCA customer accounts have already been transferred to Kazkommerts Securities and as of the date when the decision on voluntary liquidation was made Kazkommerts RFCA had no outstanding liabilities. The procedure on voluntary liquidation will take place in accordance with the requirements of current legislation.