Kazkommertsbank shareholder approved at the unscheduled meeting acquisition of 46.5% stake in BTA Bank, the bank has informed. According to the deal reached last year, Kazkommertsbank and Kazakh businessman Kenes Rakishev agreed on acquisition of the stake from national welfare fund SamrukKazyna.
Kazkommertsbank is to pay KZT 72bn (USD 465mn according to the exchange rate of the date the deal was reached). After completion of agreement, Kazkommertsbank and BTA Bank plan to initiate a merger to ensure stable and dynamic development, SamrukKazyna has said. The agreement needs approval from relevant state agencies.
At present, SamrukKazyna owns a 97.26% stake in BTA Bank and a an 18.3% stake in Kazkommertsbank. BTA Bank's assets amounted to KZT 1.61tn (USD 10.5bn) and own capital stood at KZT 296bn as of the end of September. The bank posted net profit of KZT 24.1bn in Jan-Sep. SamrukKazyna bailed out BTA in 2009 during the financial crisis. The fund is estimated to channeled USD 8bn to stabilize the bank's financial position. Still, non-performing loans amount to 80% of BTA's portfolio. Since 2009, the bank went through two debt restructuring process. In early 2013, Kazakh President Nursutlan Nazarbeyv ordered SamrukKazyna to sell stakes in the banks it supported in 2009. This accelerated the process.