Kazkommertsbank completes stake sale to state

* Government buys 21.2 pct stake

* Key shareholders retain control

* Total capital increase $296 million

MOSCOW, May 15 (Reuters) - The government of Kazakhstan has bought for $240 million a 21.2 percent stake in Kazkommertsbank (KKGByq.L), the country's second largest bank, as part of its bailout plan for the sector, Kazkommertsbank said on Friday.

The bank had earlier offered investors shares worth $471 million and said state welfare fund Samruk-Kazyna, the government's agent, would get a stake of up to 25 percent.

It raised a total of $296 million as not all shares were bought, Kazkommertsbank said in a statement. Key shareholders, including Chairman Nurzhan Subkhanberdin, will retain control by managing Samruk-Kazyna's stake, it said.

London-traded Kazkommertsbank, like other Kazakh banks, has been hit hard by the global crisis and the state urged it to increase capital to create a cushion against rising bad loans. (Writing by Olzhas Auyezov; Editing by Greg Mahlich)