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Russia's RenCap acquires stake in Kazkommerts-paper

Mon Feb 18, 2008 1:49am EST

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MOSCOW, Feb 18 (Reuters) - Russian investment bank Renaissance Capital has built up a 10 to 15 percent stake in Kazkommertsbank (KKGByq.L) KKGB.KZ, Kazakhstan's largest bank, Russian newspaper Vedomosti reported on Monday.

Vedomosti cited unnamed traders and investment bank sources as saying Renaissance Capital had bought at least 10 percent of Kazkommertsbank and had announced this to the Kazakh bank's management about a week ago.

Kazkommertsbank's London-listed shares have risen more than 60 percent since November and closed at $16.60 on Friday.

The Kazakh bank declined immediate comment on the story.

Vedomosti quoted Askhat Sagdiyev, president of Russian Kazkommertsbank subsidiary company East Commerce, as saying it was evident somebody had been buying shares in the company. (Reporting by Tatyana Seroshtanova in Almaty; Writing by Robin Paxton; Editing by Quentin Bryar)



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