Qazaq Banki announces stopping procedure of merger with Bank RBK

/KASE, October 12, 2017/ – Qazaq Banki (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of October 12, 2017: quote Qazaq Banki (hereinafter – the Bank) announces discontinuing the procedure of merger with Bank RBK. Executives of both institutions have decided to continue developing as independent financial institutions. Interests of clients and partners of the Bank dictated this step. After long counseling and negotiations, having assessed outlooks of further development, a decision was taken that under current circumstances it is more reasonable and expedient to continue rendering services as an independent financial institution. As announced earlier, on 31.05.17, executives of Qazaq Banki and Bank RBK announced their merger intentions and signed a memorandum of understanding. However, the technical implementation of the merger transaction failed to take place. The Bank continues to operate as an independent financial institution and fully meet obligations. Also, the Bank fully meets prudential norms, being comprehensively supported by its shareholders, who in 2017 twice recapitalized the Bank to a total amount of KZT5.4 bn. As of 01.10.2017 the Bank's assets made KZT451 bn, and the loan portfolio reached KZT348 bn. Obligations made up KZT405 bn. The Bank's equity made up KZT46 bn, including the shareholder capital of KZT39 bn. The financial result over 10 months of 2017 made up KZT1,462 mln. The bank has branches in Astana, Aktobe, Almaty, Atyrau, Karagandy, Kaskelen, Taraz, Shymkent. PR-service of Qazaq Banki: +7 (727) 380 39 51 (ext. 00728) +7 777 773 1099 A_yegorin@qazaqbanki.kz unquote [2017-10-12]