Baku, Azerbaijan, Aug. 3
By Elena Kosolapova - Trend:
Kazkommertsbank JSC ("KKB"), one of the largest banks in Kazakhstan and Central Asia, sold its 99.86 percent stake, representing 1,497,946 common shares, in "Subsidiary of BTA Bank "London-Almaty" Insurance Company" JSC July 21 2015, the press service of the bank said.
The stake was earlier transferred to KKB in line with the Agreement on the simultaneous transfer of assets and liabilities between KKB and BTA.
The value of the stake was based upon an independent appraisal prepared by international audit company.
Earlier, Kazkommertsbank JSC received "Subsidiary of BTA Bank "London-Almaty" Insurance Company" JSC from BTA Bank JSC within the framework of the agreement on the simultaneous transfer of assets and liabilities.
Kazkommertsbank JSC and BTA Bank JSC ("BTA") signed an Agreement on the simultaneous transfer of assets and liabilities between the two banks in June 2015.
Under the Agreement, a part of BTA's assets and liabilities was transferred to KKB, and a portion of KKB's distressed assets was transferred to BTA.
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