Halyk Bank enters into agreement for sale of 60% of Altyn Bank
JSC "Halyk Bank" ("Halyk Bank") has entered into an agreement with China CITIC Bank Corporation Limited ("CITIC Bank") and China Shuangwei Investment Co., Ltd. ("Shuangwei") (collectively, "the Purchasers") in relation to the sale of 60% of the share capital in JSC "Altyn Bank" (SB of JSC "Halyk Bank") (the "Company"), a wholly owned subsidiary of Halyk Bank (the "Transaction").
The Transaction is expected to complete during second half of 2017.
Following the completion of the Transaction, Halyk Bank will remain a 40% shareholder of the Company and will have certain rights under a shareholders' agreement with the Purchasers in relation to the Company, its governance and certain other provisions, which will come into force on completion.
Umut Shayakhmetova, the Bank's CEO, commented:
"Within the "One Belt. One Road" Chinese initiative we are seeing Kazakh companies expressing a clear desire to develop their business in China as we continue to follow the needs of our clients. China is an important market for Kazakh businesses. It opens up new selling opportunities for Kazakh goods and services. In turn, Altyn Bank will be able to offer its Kazakh clients all the necessary banking support, such as direct KZT/CNY currency exchange, trade finance, treasury operations and lending, for example. CITIC Bank will be an important partner for Altyn Bank, expanding its opportunities in a number of areas by virtue of its scale and presence as a significant international bank. In addition to this, there is also the potential to leverage CITIC Bank's technologies for Altyn Bank."
For further information, please contact:
Kasenova Mira +7 727 259 04 30
Yelena Perekhoda +7 727 330 17 19
About Halyk Bank
Halyk Bank is Kazakhstan's leading financial services group, operating across a variety of segments, including retail, SME & corporate banking, insurance, leasing, brokerage and asset management. Halyk Bank has been listed on the Kazakhstan Stock Exchange since 1998 and on the London Stock Exchange since 2006.
With total assets of KZT 5,201.1 billion, Halyk Bank is Kazakhstan's leading lender. The Bank has the largest customer base and broadest branch network in Kazakhstan, with 506 branches and outlets across the country. The Bank also operates in Georgia, Kyrgyzstan and Russia.
About Altyn Bank
Altyn Bank JSC (Subsidiary of Halyk Bank JSC), previously known as HSBC Bank Kazakhstan, established in Kazakhstan since 1998, has been acquired by and became a wholly owned subsidiary of Halyk Bank JSC in November 2014. With offices in four major cities in Kazakhstan and being a universal bank, Altyn Bank provides full range of products and services to corporate and retail clients across the country.
About China CITIC Bank
CITIC (China International Trust and Investment Corporation) is one of the largest national investment corporations in China. The main purpose of CITIC is to attract and utilise foreign capital, introducing advanced technologies, and adopting advanced international practice in operation and management. CITIC Group has 44 subsidiaries, including CITIC Bank. CITIC Bank was established in 1987. CITIC Bank provides a variety of banking products and services to large corporate clients and individuals in China, Hong Kong and internationally.
About China Shuangwei Investment Co.
China Shuangwei Investment Co., Ltd. is a wholly-owned limited liability company of China Tobacco Corporation. The company is responsible for the investments and management in a wide range of major strategic projects, including energy, real estate, agriculture, education, medical service, logistics, infrastructure, cultural industries, network information, financial products, energy conservation, tobacco accessories and tobacco supporting projects, as well as business-related advisory services.
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