Kazakhstan’s one of largest banks strikes major deal
Baku, Azerbaijan, June 30
By Elena Kosolapova - Trend:
JSC Kazkommertsbank ("the Bank", "KKB"), one of the largest banks in Kazakhstan and Central Asia, today announces that it has signed an agreement with JSC National Wealth Fund "Samruk-Kazyna" ("the Fund") and JSC BTA Bank ("BTA") to transfer the debt BTA owes to the Fund to the Bank ("transaction with the Fund").
The deal constitutes major transaction and it was approved by the Board of Directors on 24 June 2015, Kazkommertsbank said.
The Bank, the Fund and BTA signed the Agreement on the transfer of debt on 25 June 2015.
As part of the Agreement, BTA's liabilities to the Fund, which total KZT378,149,933,000, will be transferred to the Bank and constitute the following:
• KZT 97,000,000,000 of deposits (ninety seven billion), including accrued interest, to be repaid on 30 December 2024;
• KZT 28,000,000,000 of deposits (twenty eight billion), including accrued interest, to be repaid on 24 February 2029;
• KZT 12,000,000,000 (twelve billion), including accrued interest, to be repaid on 24 February 2029;
• KZT 239,771,120,000, including accrued interest.
BTA's liabilities will be transferred to the Bank subject to the conditions laid out in the Agreement.
The total amount of debt to be transferred as part of the transaction is equal to approximately 11,4% of the Bank's total assets. This share may change after the transaction has been completed.
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