Kazkommertsbank has purchased an additional 35% stake in Kazkommerts Policy, its insurance subsidiary, from the European Bank for Reconstruction and Development.
As a result, Kazkommertsbank is now the sole shareholder of Kazkommerts Policy. In addition, Kazkommertsbank increased the charter capital of Kazkommerts Life, its another insurance subsidiary, to KZT1.09 million.
The transaction with European Bank for Reconstruction and Development (EBRD) took place as a result of Kazkommertsbank exercising its option for the purchase of Kazkommerts Policy shares, which was included in the contract signed by Kazkommertsbank and EBRD. EBRD has been one of the key shareholders of Kazkommerts Policy over the past five years.
Beibit Apsembetov, managing director of Kazkommertsbank, said: Having EBRD as a strategic investor in Kazkommertsbank Policy has been a great asset providing the company’s management with valuable experience in corporate and financial management, and allowing Kazkommerts Policy to become one of leaders in the Kazakh insurance services market.