BEIJING, Apr. 25 (Xinhua) -- China CITIC Bank teamed up with China Shuangwei Investment Corporation, a subsidiary of China National Tobacco Corporation, to complete acquisition of a 60-percent stake in Kazakhstan's Altyn Bank on Tuesday.
After the acquisition, China CITIC Bank would hold a 50.1-percent stake in Altyn Bank.
Altyn Bank, formerly known as the HSBC Kazakhstan branch, was founded in Kazakhstan in 1998. It was wholly-owned by Halyk Bank, the largest commercial bank in Kazakhstan in November 2014.
CITIC Bank has started negotiations with the Halyk Bank on the acquisition of Altyn Bank’s equity since 2015. As of now, the parties of the transaction have completed the procedures including the due diligence investigation, regulatory approvals of the two countries, and the equity settlement registration, marking the successful end of the two-year acquisition project.
The deal made CITIC Bank the first Chinese-funded bank acquiring the bank equity in Kazakhstan.
After the acquisition deal, China CITIC Bank will join hands with various shareholders of Altyn Bank to support the latter to build up its distinctive business advantages and improve its business performance in corporate banking, retail, trade financing, financial markets, and RMB clearing. While deeply focusing on the development in the local market, it will offer all-round high-quality services to the Chinese enterprises investing in Kazakhstan, according to CITIC Bank. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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