Baku, Azerbaijan, May 21
By Elena Kosolapova - Trend: Kazakh Kazkommertsbank will not pay dividends on common shares for 2013, the bank reported on May 20.
The shareholders of the bank made the decision at their annual meeting.
The Annual General Shareholders Meeting of Kazkommertsbank also approved audited consolidated and separate (non-consolidated) annual financial statements of the bank for 2013.
Net profit for the previous year was capitalized and assigned to retained earnings for the previous years.
Moreover the shareholders decided to confirm Deloitte LLP as external auditor of the bank and banking conglomerate for 2014, 2015, 2016, 2017 and 2018 and considered shareholders' appeals to the bank regarding its actions and the results of such consideration.
Kazkommertsbank is one of the largest banks in Kazakhstan and the Central Asia. The Bank has subsidiaries engaged in the pension system, management of pension and financial assets, insurance and broker services. The bank also has subsidiaries in Russia, Tajikistan and Kyrgyzstan. The bank's major shareholders are Central Asian Investment Company, head of the Board of Directors Nurzhan Subkhanberdin, Alnair Capital Holding, Kazakh Sovereign Wealth Fund Samruk-Kazyna, European Bank for Reconstruction and Development.
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