Kazakhstan: Bank RBK And Qazaq Banki To Merge

Kazkommertsbank’s KZT11,524 seized

JSC RBK Bank announced the intention to merge with JSC Qazaq Banki, reports official website of Kazakhstan Stock Exchange.

“Shareholders of JSC Bank RBK and JSC Qazaq Banki are negotiating the merger of the two institutions. In the near future the banks are expected to sign a memorandum of understanding, which will become the starting point for the merger,” the report reads.

According to the press service of Bank RBK, President’s instruction to shareholders of second-tier banks and the National Bank of Kazakhstan strengthened the shareholders’ of the two banks confidence in the correctness of the deal. It is noted that the merger will be carried out in close cooperation with the National Bank of the Republic of Kazakhstan.

RBK Bank JSC provides commercial and retail banking services in the Republic of Kazakhstan. It operates in three segments: Corporate Banking, Retail Banking, and Investment Activities. The company’s deposit products include current and savings accounts, deposits, and private current customer accounts. Its loan portfolio comprises direct debit instruments, overdrafts, consumer loans, and other lending instruments. The company also provides currency and derivative products; and engages in various investment activities.

The Standard & Poor’s recently affirmed Bank RBK long-term and short-term counterparty credit ratings at the B-/C level and national scale credit rating kzB +. As of May 1, 2017, the bank’s assets amounted to 945.9 billion tenge, loan portfolio – 747.6 billion tenge, customer accounts – 674.8 billion tenge, including deposits of individuals – 186 billion tenge.

The bank operates in Astana, Almaty, Aktau, Aktobe, Atyrau, Karaganda, Pavlodar, Ust-Kamenogorsk, Shymkent, Semey and Ekibastuz

JSC “Qazaq Banki” is one of the dynamically developing banks in Kazakhstan. As of May 1, 2017, the bank’s assets amounted to 427 billion tenge, its loan portfolio made 329 billion tenge. Its liabilities amounted to 387 billion tenge and own capital – 40 billion tenge, including the authorized capital – 33 billion tenge. The financial result of first 4 months of 2017 made 602 million tenge.

The bank is represented in Astana, Aktobe, Almaty, Atyrau, Karaganda, Kaskelen, Taraz, and Shymkent.