Halyk Bank has confirmed that it has entered into an agreement with China CITIC Bank Corporation and China Shuangwei Investment Co. in relation to the sale of 60% of the share capital in Altyn Bank, a subsidiary of Halyk.
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.
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."