AKIPRESS.COM - JSC Kazkommertsbank announced Wednesday that it has sold its 95.75% of shares, representing 293,975 common shares, in OJSC Kazkommertsbank Kyrgyzstan, AKIpress has learned from the Bank. 

This transaction that took place on 16 February is in line with KKB’s strategy to integrate with BTA Bank and optimize its subsidiaries, said the Bank. The value of the stake was based upon an independent appraisal prepared by international audit company.

Kazkommertsbank (KKB) is one of the largest banks in Kazakhstan and Central Asia with total assets of KZT 4,134 billion at 30 September 2014. In addition to its core banking business (retail and corporate) KKB has subsidiaries active in pension fund management, asset management, insurance and brokerage.

KKB has foreign subsidiaries in the Russian Federation, Kyrgyzstan and Tajikistan. Major shareholders of Kazkommertsbank include Central Asian Investment Company and Chairman of the Board Mr. Nurzhan Subkhanberdin, Alnair Capital Holding, the Kazakh Government through the Samruk-Kazyna National Welfare Fund and the European Bank for Reconstruction and Development.

The Bank’s shares are listed on the Kazakhstan Stock Exchange (KASE). Global Depositary Receipts, which are based on the shares of the Bank, trade on the London Stock Exchange (LSE). KKB completed an IPO in GDR form on the London Stock Exchange in November 2006, the first CIS bank to do so, in a deal totalling US$845 million.