OREANDA-NEWS. December 27, 2013. JSC “Samruk-Kazyna” (further the “Fund”) together with the Consortium of Investors (further the “Consortium”) consisting of JSC “Kazkommertsbank” (further “KKB”) and Mr. Kenes Rakishev inform on preliminary but not binding agreement to initiate the sale and purchase of shares of JSC “BTA Bank” (further “BTA”) held by the Fund.

As preliminarily agreed Kazkommertsbank and Mr. Rakishev intend to acquire equal stakes in the capital of BTA while the Fund intends to retain a minority stake in the capital of BTA. It is anticipated that the structure of the deal shall ensure KKB’s control of operations of BTA.

Upon completion of acquisition the parties intend to initiate necessary procedures to merge Kazkommertsbank and BTA to provide for their stable and dynamic development.
In order to complete negotiations and sign transaction documents the parties intend to obtain all necessary corporate and regulatory approvals and other consents taking into account existing obligations under the previously signed agreements and issued debt securities.