March 2, 2017 / 10:08 AM / 9 months ago

Kazakhstan's largest banks sign M&A memo

ALMATY, March 2 (Reuters) - Kazakhstan’s biggest lenders by assets, Kazkommertsbank (KKB) and Halyk Bank have signed a non-binding memorandum of understanding on a potential acquisition of a controlling interest in KKB by Halyk, KKB said on Thursday.

Kazakhstan’s government and the central bank are also parties to the memorandum which envisages, “inter alia, the coverage of possible risks connected with the loan owed to KKB by JSC BTA Bank”, KKB said in a statement. (Reporting by Olzhas Auyezov; Editing by Andrey Ostroukh)

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