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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
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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 +7 727 259 04 30
Yelena Perekhoda +7 727 330 17 19
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)
