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Kazkommertsbank gets control of Russian unit

Wed May 28, 2008 6:34am EDT

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ALMATY, May 28 (Reuters) - Kazkommertsbank (KKGByq.L) KKGB.KZ, one of Kazakhstan's largest lenders, said on Wednesday it has raised its stake in Russian subsidiary Moskommertsbank to 100 percent.

Russia

Kazkommertsbank (KKB) had previosly held 52.11 percent of Moskommertsbank stock.

"The cost of purchasing a 47.89 percent stake was around 1 billion roubles ($42 million)," KKB said in a statement.

KKB did not say who the selling shareholders were. (Writing by Olzhas Auyezov; Editing by Paul Bolding)

Russia


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