ALMEX Holding Group has increased the capital of Kazkommertsbank by KZT 65,2 bn.
Almaty, 16 November 2017 – JSC «Kazkommertsbank» (hereinafter – «KKB», «Bank» or Kazkommertsbank) announces on successful offering of the Bank’s 700 716 450 common shares under the announced issue (NIN KZ1C00400016), registered by the National Bank of Kazakhstan on 1 June 2017 № А0040. Out of common shares offered by Bank 700 171 633 common shares were purchased by JSC ALMEX Holding Group, which became the Bank’s major shareholder with the share of 25,05% of the number of common shares, as a result of such deal. The Bank’s capital was increased by KZT 65,2 bn. as a result of closing the offering, which will ensure the necessary support for achieving target indexes in the lending market.
Decision on making big investments into the Bank’s capital proves the ALMEX shareholders’ intensions to ensure the financial stability and further development of Kazkommertsbank within Halyk Group.
The need in additional increase of the Bank’s own capital is based on the constantly increasing regulatory requirements against the capital adequacy and new IFRS9 standards, which will be implemented in Kazakhstan starting from January 2018, as well as the plans of managing the processes related to clearing, rehabilitating and further growth of the Bank’s loan portfolio.
In the course of closing the deal on acquisition of Kazkommertsbank this July, Halyk Bank of Kazakhstan has invested KZT 185 bn. to the capital of KKB, which helped to continue the Bank’s normal lending activities and provide it with liquidity. In view of the new capital increase to KZT 65,2 bn., total investments to the capital of Kazkommertsbank in 2017 equaled KZT 250,2 bn., which is the biggest investment to the banking sector of the country.
«Thanks to the support provided by the government and powerful shareholders in 2017, Kazkommertsbank was able to regain its merits of the stable and reliable financial institution and continued operating in the market as a system-based bank within Halyk Group, – commented Ulf Wokurka, CEO of Kazkommertsbank. – Today, we are very optimistic and confident about the future of Kazakommertsbank, and believe that all its inheritance – developed infrastructure, professional staff and modern technologies – will not be just preserved, but also multiplied for the benefits of clients of the entire financial group. I am sure that the growth of the Bank’s capitalization will help us much in our work aimed at increasing the quality and performing part of the loan portfolio. And looking at recent serious upgrades of the Bank’s ratings*, we expect a positive response from international rating agencies, as well as clients and partners of Kazkommertsbank».
*Bank ratings were upgraded by Fitch to BB- from CCC, S&P from B- to B+ and Moody’s to Ba2 from B3.
Ilya Borovoy, Marketing and PR Department
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