Kazakh central bank grants Rakishev permission to purchase BTA Bank02 may 2014, 15:30
Kazakhstani businessman Kenes Rakishev has been granted a permission to purchase BTA Bank by the National Bank of Kazakhstan, Tengrinews reports citing the official website of the Committee for Control and Supervision of the Financial Market and Financial Organizations of Kazakhstan (financial police).
“The board of Kazakhstan’s Central Bank has enacted a regulation granting Kenes Rakishev a permission to become a major shareholder of BTA Bank JSC,” the message from the website said.
On February 6, 2014 Kenes Rakishev and KazKommertsBank agreed to buy 46.5% of BTA stock each from Samruk-Kazyna Sovereign Wealth Fund. In addition, Samruk-Kazyna will transfer the remaining 4.36% to KazKommertsBank on confidential ownership agreement to ensure over 50% shares and operational control over BTA.
According to KazKommertsBank, 46.5% of BTA shares amount to $395 million. As a result of the purchase, KazKommertsBank and BTA will be unified into Kazakhstan's largest bank.