Kazkommertsbank signs the Memorandum of Understanding on potential transaction
2017, March 2, Almaty – JSC Kazkommertsbank (“KKB”) announces that it has on March 2, 2017 entered into a non-binding Memorandum of Understanding (“MoU”) with respect to a potential acquisition by JSC Halyk Savings Bank of Kazakhstan (“Halyk Bank”) of a controlling interest in KKB (the “Transaction”). The parties to the MoU include, amongst others, the Government of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan, KKB, Halyk Bank, JSC BTA Bank and Mr. Kenges Rakishev (being a major shareholder in KKB).
The MoU sets forth the framework and conditions under which the Transaction may be completed as well as outlines the steps that need to be undertaken by each of the parties in order to achieve this. The terms and conditions of the potential Transaction envisage, inter alia, the coverage of possible risks connected with the loan owed to KKB by JSC BTA Bank.
KKB highlights the non-binding nature of the MoU and notes that the execution of the MoU does not imply the completion of the Transaction, which is subject to further actions by the parties and satisfaction of certain conditions precedent as set out in the MoU.