June 2, 2017 / 1:51 PM / 6 months ago

Halyk Bank signs framework agreement on Kazkommertsbank takeover

ALMATY, June 2 (Reuters) - The key parties in a bid by Kazakhstan’s Halyk Bank to take over Kazkommertsbank signed a framework agreement on Friday, the central bank said.

The agreement was signed by both Halyk Bank and Kazkommertsbank, as well as Kazkommertsbank’s main shareholders, the central bank and the government.

Under the agreement, Halyk will buy the stakes of Kazkommertsbank’s two biggest shareholders for a notional amount of 1 tenge ($0.0032) each. It will also provide Kazkommertsbank with a capital injection after it sells part of its assets to the state. (Reporting by Olzhas Auyezov; Editing by Jack Stubbs)

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