Kazakh Halyk Bank to inject $585 mln into Kazkommertsbank

Betted On Kazakhstan’s Largest – And Cheapest – Bank

ALMATY, June 15 (Reuters) – Kazakhstan’sHalyk Bank , said on Thursday it will provide 185 billion tenge ($585 million) to lender Kazkommertsbank after buying nearly a full control over the troubled bank.

Halyk Bank also said it will buy a 96.81 percent stake in Kazkommertsbank, or KKB for a symbolical sum of 2 tenge($0.006) in a deal that should be finalised by the end of the week.

(Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Andrey Ostroukh)