Kazakhstan: Consolidation In Banking Sector Will Be Main Trend Of 2017

Kazkommertsbank Reports 1st Half 2017 Financial Results

ALMATY. KAZINFORM – Consolidation in the banking sector will be the main trend in 2017, financier Olzhas Khudaybergenov says.

“Taking into account the current circumstances, consolidation in the banking sector will be the main trend in 2017. Merge between various banks has become imminent long ago. The question is who is going to unite with each other. The case of Halyk of bank and Kazkom is the most optimum scenario taking into account the circumstances of both banks. However, there can be also other scenarios, but for this purpose it is necessary to change approaches in the monetary policy”, – Olzhas Khudaybergenov told.

According to the Kazakhstan media, two largest banks of Kazakhstan, Kazkommertsbank (KKB) and Halyk Bank talk about merging which will allow to create a bank with assets in the amount of $27 billion. 37% of assets of all bank system of Kazakhstan are the share of the two banks. Halyk Bank has market capitalization in the amount of $1,7 billion. Market capitalization of Kazkommertsbank in the domestic market is $542 million.

The controlling stock of Kazkom is owned by entrepreneur Kenes Rakishev. In 2006 he was appointed as Head of the Board of Directors of JSC SAT & Company. In 2012 he became the Chairman of the Board of Directors of the global technological company Net Element International. In December, 2013 he was appointed the nonexecutive director of Central Asia Metals plc (CAML). In February, 2014 he was elected the Chairman of the Board of Directors of BTA of Bank. In January 2015 he joined the Board of Kazkommertsbank. Since April 28, 2016 he has been the Chairman of the Board of Directors of Kazkommertsbank.

Exclusive: Kazakh lenders KKB and Halyk in merger talks - sources

The Chairman of the Board of Halyk Bank since 2009 has been Umut Shayakhmetova.

The press services of the banks have no information on possible merge of banks.

http://www.inform.kz/

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