Samruk-Kazyna

Samruk-Kazyna National Welfare Fund (Fund) belongs to the Government of Kazakhstan. The Fund took its position in the Bank in 2009 following a Government decision to protect the rights of the Bank’s creditors and support the sustainability of the Kazakh banking system.

The Fund plans to be a shareholder of the Bank for a limited period based on the terms of the agreements signed between the Fund, the Bank and its major shareholders. According to these agreements, the Fund will not participate in the day-to-day management of the Bank. The major shareholders of the Bank have maintained control over the Bank, as the Fund has transferred a portion of its common shares to the trust management of major shareholders CAIC and Alnair. As a result of this agreement, CAIC, EBRD and Mr. Subkhanberdin together have voting rights on 50% plus one common share of the Bank. CAIC, Mr. Subkhanberdin and Alnair have an option to buy back Samruk-Kazyna's shares in the Bank at a future date.