ALMATY Feb 6 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
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)