National Bank of Kazakhstan will not permit merger between KAZKOMMERTSBANK and Halyk Bank Kazakhstan

/IRBIS, Dec.6, 00/ - Today KHABAR broadcasted a live interview with the head of the National Bank of Kazakhstan (NBK), Mr. Marchenko. Answering question concerning possibility of merger between KAZKOMMERTSBANK OJSC and Halyk Saving Bank OJSC, Mr. Marchenko categorically reported that NBK would not support this merger. He remarked "If banks would really decide to merge they would had to apply to NBK for approval. We will not give them such approval." The sole reason for the position was antimonopolistic considerations. In case of a merger, the new bank will be beyond comparison with other banks. For instance, it will take control over 35% share (and even reach 50%) in the structure of number of depositors, clients, shareholder equity, asset, loan portfolio and deposit base of the banking system. This is contradicts to standards of developed countries. On the assumption of the world experience and considering absence of any objective factors Mr. Marchenko rejected this notion. Mr. Marchenko also reported that this issue has formerly been topical in the government. At present, the actuality of the issue is only a rumor.