Kazkommertsbank Announces Major Transaction

Kazkommertsbank Announces Major Transaction

Kazkommertsbank Announces Major Transaction

The FINANCIAL -- JSC Kazkommertsbank, one of the largest banks in Kazakhstan and Central Asia, on June 25 announces that the Bank (acting in its capacity of creditor) has opened credit line to JSC BTA Bank (acting in its capacity of the borrower) to repay the debt of BTA to the Bank under the Agreement on simultaneous transfer of assets and liabilities between the Bank and BTA; the Agreement on transfer of liabilities between JSC National Wealth Fund Samruk-Kazyna, JSC Kazkommertsbank and JSC BTA Bank via credit documentation (in tenge and in US dollars); the Agreement of transfer of debt as of 14 November 2014.

The deal constitutes a major transaction and was approved by the Board of Directors on 22 June 2015, according to BTA.

The Bank and BTA shall sign an Agreement on opening of credit line, under which the Bank shall open credit line to BTA with limit of KZT 630,000,000,000 and USD 5,600,000,000 till 30 June 2014 with interest rate of 9% for loan denominated in tenge and 8% for loan denominated in US dollars. BTA shall  make quarterly repayment on the loan in amount of US$ 334,952 (for USD denominated loans) and KZT37,682,130 (for KZT denominated loans) in total for all loans provided with the remaining debt to be repaid at the end of the loan tenor. BTA and the Bank plan to sign the Agreement till 30 June 2015.

BTA liabilities to the Bank shall be collateralized by collateral on all assets of BTA, claims of BTA to its borrowers (including claims on collateral), and other future flows from BTA assets.

Transaction amount constitutes 49,8% of the Bank's assets.