Kazkommertsbank commits capital to JSC “Kazkommerts Life”

22.12.2009

22 December 2009, Almaty, Kazakhstan – Kazkommertsbank (the “Bank”), one of the largest banks in Kazakhstan and Central Asia, announces today that it has increased the chartered capital of JSC “Life insurance company “Kazkommerts Life”, as part of its commitment to capitalising its subsidiaries,. 

On 15 December 2009 Kazkommertsbank purchased 69,000 newly issued shares in Kazkommerts Life for the price of KZT1,000 per share in accordance with its preemptive rights. As a result, the chartered capital of Kazkommerts Life increased by KZT69 million to KZT1,451 million. Kazkommertsbank continues to own   100% of the company.

The planned capital injection was made in order to maintain the financial stability of this subsidiary and to comply with capital adequacy requirements.
JSC “Kazkommerts Life” is one of the top three life insurance companies in Kazakhstan.

Contacts:
Aliya Nursipatova, Head of Investor Relations
+7 (727) 258-51-25, E-mail: investor_relations@kkb.kz
Larissa Kokovinets, Director of Public Relations
+7 (727) 258-54-56, E-mail: pr@kkb.kz
Merlin                                       +44 20 7653 6620
Leonid Fink                                +44 7939 071 270
Toby Bates                               +44 7747 607 768

About Kazkommertsbank
Kazkommertsbank (KKB) is one of the largest banks in Kazakhstan and Central Asia with total assets of KZT 2,787.1 billion (US$ 18.5 billion equivalent) at 30 September 2009.
In addition to its core banking business (retail and corporate) KKB has subsidiaries active in pension fund management, asset management, insurance and brokerage. KKB also has foreign subsidiaries in the Russian Federation, Kyrgyzstan and Tajikistan.
Major shareholders of Kazkommertsbank include Central Asian Investment Company and Chairman of the Board Mr. Nurzhan Subkhanberdin, Alnair Capital Holding, the Kazakh Government through the Samruk-Kazyna National Welfare Fund and the European Bank for Reconstruction and Development,.
KKB’s predecessor, Medeu Bank, was founded in July 1990, and re-registered as Kazkommertsbank in October 1991. KKB completed an IPO in GDR form on the London Stock Exchange in November 2006, the first CIS bank to do so, in a deal totaling $845 million. The Bank’s shares are listed on the Kazakhstan Stock Exchange.
Further information can be found at http://en.kkb.kz