JSC Kazkommertsbank announces that the next stage, in compliance with which the Kazakommertsbank’s banking license will be returned, was approved in the course of creation of the integrated bank.
Almaty, 15 June 2018 — JSC Kazkommertsbank (hereinafter – Kazkommertsbank, Qazkom) announces that the next stage, in compliance with which the Kazakommertsbank’s banking license will be returned, was approved in the course of creation of the integrated bank.
«This is an expected stage in the history of integration of two banks. We understand the importance of this moment and thus we are using our best efforts for making Kazkommertsbank customers feel only positive changes. Both bank teams have been working hard during several months over consolidation of banking operations into Halyk Bank, which will accept all assets and liabilities to Qazkom customers and counteragents. As soon as Kazkommertsbank assigns the customer accounts to the integrated bank, it will not need the banking license any more, that is why it was decided to return the license. This legal procedure will be applied after the consolidation of assets. Hitherto Kazkommertsbank will continue its regular activities», – Umut Shayakhmetova, CEO of Halyk Bank commented.
An Extraordinary General Shareholders’ Meeting of JSC Kazkommertsbank was held on 14 June 2018 in Almaty, where the resolution on voluntary application to the National Bank of Kazakhstan for termination of the Kazkommertsbank’s № 1.2.16/222/32 license for banking and other operations and activities in the securities market dated 2 December 2014 during thirty calendar days after execution of the transfer act between JSC Kazkommertsbank and JSC Halyk Bank was adopted.
All Kazkommertsbank rights and liabilities will be legally assigned to Halyk Bank through execution of the Transfer Act. Previously, Qazkom had received the permission of the National Bank of Kazakhstan for voluntary reorganization of JSC Kazkommertsbank through its merger into JSC Halyk Bank.
Kazkommertsbank thinks necessary to inform all concerned parties on continuation of its standard banking activities in the old manner prior to signing of the Transfer Act above. Afterwards, the fulfillment of all Qazkom rights and obligations will transfer to Halyk Bank, which will continue providing services to Qazkom customers and dealing with Qazkom partners in the old manner by keeping the Kazkommertsbank / Qazkom brand (trade mark) for a certain period of time.
As it was mentioned earlier, the decision on voluntary reorganization of JSC Kazkommertsbank through its merger into JSC Halyk Bank was adopted at the Annual General Shareholders’ Meeting of JSC Kazkommertsbank and Joint General Shareholders’ Meeting of JSC Kazkommertsbank and JSC Halyk Bank, which was held on 20 April 2018.
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