Merger of Kazkommertsbank, Halyk Bank complete

ASTANA – Kazkommertsbank’s merger into Halyk Bank was completed July 27. The merger transfers all property, all rights and obligations of Kazkommertsbank to Halyk Bank.

“We have completed a large process that lasted for more than a year and a half, starting with the entering into discussions, due diligence procedures prior to the acquisition of Kazkommertsbank shares, completion of a transaction, and finally, the integration and merger of two banks. All the transition procedures of Halyk Bank and Kazkommertsbank to a single technological platform were completed in accordance with the schedule. Now comes a new stage in the history of Halyk Bank and the entire financial sector of Kazakhstan. Millions of customers trust Halyk Bank and we will do our best to meet their expectations,” said Halyk Bank CEO Umut Shayakhmetova.

Halyk Bank and Kazkommertsbank shareholders agreed to approve the transfer act July 26.

In accordance with the resolutions of shareholders, 758,687,723 common shares in Halyk Bank were issued to shareholders of Kazkommertsbank, excluding Halyk Bank in exchange for common shares in Kazkommertsbank.

Kazkommertsbank has now completed the process of transferring all its property, rights and obligations to Halyk Bank. Kazakh National Bank approved the execution of the transfer act.

The required technical preparations were also completed. The bank customers can receive services at all branches and offices of Halyk Bank. Kazkommertsbank’s subsidiaries are now subsidiaries of Halyk Bank.

The banks started the process of combining the ATM network July 10. They cancelled additional commissions for cashing out money for cardholders of both banks. Now Kazkommertsbank customers can replenish their payment cards in tenge and US dollars in Halyk Bank’s cash-in ATMs with no additional commission.