Kazkommertsbank expects to acquire BTA Bank stake in Q2

ALMATY Thu Feb 6, 2014 5:21am EST

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ALMATY Feb 6 (Reuters) - Kazkommertsbank expects to finalise the acquisition of a 46.5 percent stake in BTA Bank in the second quarter of this year, Kazkommertsbank Managing Director Sergey Mokroussov told Reuters.

A merger of the two banks is likely to happen by the end of the year, he said.

Kazkommertsbank said on Thursday it had reached a final agreement with Kazakh businessman Kenes Rakishev to each buy a 46.5 percent stake in BTA Bank from Kazakh sovereign wealth fund Samruk-Kazyna. Kazkommertsbank said it would pay $465 million for its 46.5 percent stake in BTA. (Reporting by Dmitry Solovyov; editing by Tom Pfeiffer)

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