Samruk-Kazyna withdraws from Temirbank

Samruk-Kazyna Sovereign Wealth Fund has completely withdrawn from Temirbank, Tengrinews reports citing KASE.

Samruk-Kazyna carved-out 15 980 933 000 ordinary shares (79.88 %) of Temirbank. As a result, according to KASE, Samruk-Kazyna completely withdrew from Temirbank.

In 2013, the fund finalized negotiations on sale of shares in Temirbank and Alliance bank to Bulat Utemuratov. The millionaire agreed to buy 79.88% of ordinary shares in Temirbank and 16% of ordinary and preferred shares in Alliance Bank. A binding agreement was signed. This left Samruk-Kazyna free of any holdings in Temirbank, but still the main shareholder of Alliance Bank with 51% of ordinary and preferred shares.

The Central Bank of Kazakhstan approved the deal between Samruk-Kazyna and Utemuratov.

Deputy Chairman of Samruk-Kazyna National Wealth Fund Yelena Bakhmutova said that the fund's withdrawal from these two commercial banks is a step towards stabilization of the financial sector.

Both bank's are in Kazakhstan's top 10 by assets.

Reporting by Azhar Ashirova, writing by Gyuzel Kamalova, editing by Tayana Kuzmina