Qazkom Bank OKs integration with People's Bank of Kazakhstan

Business Materials 16 December 2017 09:56 (UTC +04:00)

Baku, Azerbaijan, Dec. 16

By Ali Mustafayev – Trend:

The Board of Directors of Kazkommertsbank (Qazkom Bank) approved the integration with People's Bank of Kazakhastan (Halyk Bank).

The integration will be carried out after all necessary procedures are passed, including appropriate coordination with regulatory bodies, Kazakh stock exchange said in a message.

"After five months of hard work with international consultants, we can confidently state that the potential of the deal is huge, both in scope and in terms of the degree of influence on the economy of Kazakhstan and a number of neighboring countries," said Umut Shayakhmetova, the Halyk Bank's chairman of the board.

She added that the core of integration is the principle of maximum synergy, based on combining the potential of the two banks.

"We will take all the best: the most developed banking infrastructure in the country and the best risk management of Halyk Bank, as well as modern technologies and standards of Qazkom customer service," she said.

The deal will be completed after creation of necessary prerequisites and providing services and technological readiness of the two financial institutions.

This includes synchronization of the product offer, banking procedures and processes, the integration of IT systems and banking infrastructure.