Kazakh Halyk Bank completes negotiations on BTA Bank acquisition
Baku, Azerbaijan, Nov. 18
By Elena Kosolapova - Trend: Kazakhstan's Halyk Bank completed the negotiation on potential acquisition of BTA Bank, the bank reported on November 18.
"Negotiations of the potential acquisition of interest in BTA Bank by Halyk Bank have been discontinued by mutual consent of the parties, and Halyk Bank is no longer considering this transaction," the bank said.
According to the press-release, Halyk Bank completed the due diligence of BTA Bank, carried out in accordance with the government resolution.
Following completion of the due diligence, Halyk Bank provided to sovereign wealth fund Samruk-Kazyna certain indicative, non-binding terms of the potential acquisition of interest in BTA Bank, which were not accepted by Samruk-Kazyna.
"Halyk Bank will continue deploying its long-term development strategy aimed at further ascertaining its role as the leading commercial bank in Kazakhstan," the bank said.
Earlier Kazakh government offered Halyk Bank to pay for state-owned shares in BTA Bank with its subsidiary pension fund's shares. Meanwhile, Halyk Bank wanted to make two separate deals on the sale of its subsidiary state pension fund and the purchase of BTA Bank's shares.