JSC Halyk Bank: Completion of merger of Kazkommertsbank into Halyk Bank

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JSC Halyk Bank (HSBK) 
JSC Halyk Bank: Completion of merger of Kazkommertsbank into Halyk Bank 
 
30-Jul-2018 / 05:37 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                     PRESS RELEASE 
 
          Completion of merger of Kazkommertsbank into Halyk Bank 
 
Almaty, 30 July 2018 - JSC Halyk Bank ("Halyk Bank") and JSC Kazkommertsbank 
 ("Kazkommertsbank") inform that the Transfer Act was signed on 28 July 2018 
                                           as of 27 July 2018 (inclusive). 
 
 The execution of the Transfer Act completes the assumption by Halyk Bank of 
      all property, rights and obligations of Kazkommertsbank as a result of 
   voluntary reorganization of Halyk Bank and Kazkommertsbank in the form of 
                                   Kazkommertsbank's merger into Halyk Bank. 
 
           Umut Shayakhmetova, Halyk Bank's CEO, commented on the results of 
 integration: "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 shares of Kazkommertsbank, completion 
      of the transaction itself, and finally, the subsequent 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. There 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". 
 
 On 26 July 2018, Extraordinary General Shareholders' Meeting of Halyk Bank, 
    Extraordinary General Shareholders' Meeting of Kazkommertsbank and Joint 
   General Shareholders' Meeting of Kazkommertsbank and Halyk Bank (together 
    "the Resolutions of Shareholders") resolved to approve the Transfer Act. 
 
      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. 
 
Therefore, Kazkommertsbank has now completed the process of transferring all 
 of its property, rights and obligations to Halyk Bank. Preliminary approval 
     of the National Bank of the Republic Kazakhstan was obtained before the 
                                           execution of the Transfer Act. 
 
In addition, all the required technical preparations were completed allowing 
      customers of Kazkommertsbank and Halyk Bank to receive services at all 
      branches and outlets of Halyk Bank. Kazkommertsbank's subsidiaries are 
                                        becoming subsidiaries of Halyk Bank. 
 
For further information please contact: 
 
Halyk Bank 
 
Mira Kasenova    [phone] 
Yelena Perekhoda [phone] 
 
ISIN:          US46627J3023 
Category Code: MSCM 
TIDM:          HSBK 
Sequence No.:  5804 
EQS News ID:   708943 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

July 29, 2018 23:37 ET (03:37 GMT)