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Friday 13 March 2015

KazKom Acquires BTA, Kenes Rakishev Byes KazKom


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(Tengrinews) – KazKommertsBank (KKB) has announced that it acquired 304,187,299,781 common shares of BTA Bank (BTA) at 0.24162 tenge per share from Kenes Rakishev, Tengrinews reports the press release of the Bank as of March 3.

Kenes Rakishev is a 34-year-old entrepreneur and venture investor. He is the Chairman of the Board of Directors of SAT & Company, Chairman of the Board of Directors of Net Element (the first American company with Kazakh capital to be listed on the high-tech NASDAQ exchange), Member of the Board of Directors of the largest Russian venture fund Fastlane Ventures, Co-founder of the global venture fund Genesis Angels. He is the sole shareholder of Standard Insurance Company (previously Astana Finance Insurance Company). He is also the main shareholder of Bank Astana Finance.

KKB is one of the largest banks in Kazakhstan and Central Asia. The purchase was part of the integration model approved by the shareholders of the two banks on 26 December 2014. As a result, KKB’s holding in BTA increased from 47.415% to 94.83%. This, together with the common shares of Samruk-Kazyna National Wealth Fund that are in trust management of KKB (4.26%), provided KKB with 99.09% of the voting rights in BTA.

As of 2013 BTA Bank (Kazakh: КФБ) is the third largest lender by assets. At this time, major shareholder of the bank was the Government of the Republic of Kazakhstan represented by Samruk-Kazyna JSC, which held 97.3% of common shares in the Bank as the result of 2009-2012 restructurings. BTA Bank’s creditors who converted former liabilities to new notes and shares hold 2.5% of common shares in the Bank. Previously 58% of the Bank’s shares were held by a group of Kazakh businessmen leaded by Mukhtar Ablyazov, another 11% were held by the family of late Yerzhan Tatishev, minority stakes were held by EBRD, IFC and FMO.

In the meanwhile, Kenes Rakishev purchased 127,777,704 common shares of KKB at 575.2 tenge per share under a share offering agreement. Kenes Rakishev thereby became a major shareholder of KKB.

KKB presented its shareholding structure:

KKB's shareholding structure

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