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legal form Corporation
founding July 12, 1990
resolution April 22, 2019
Reason for dissolution Takeover by Halyk Bank
Seat Almaty , Kazakhstan
Number of employees 9,483 (2016)
Branch Banks
Website www.qazkom.kz
As of December 31, 2016

The Kazkommertsbank (QazKom) ( Kazakh Қазкоммерцбанк Qazkommertsbank , Russian Казкоммерцбанк ) was the second largest bank in Kazakhstan . After struggling with major liquidity issues, the bank was finally acquired by Halyk Bank in July 2018 . On April 22, 2019, Kazkommertsbank was deleted from the Kazakh business register.

The bank, headquartered in Almaty , had more than ten subsidiaries and subsidiary banks , including Moskommertsbank in Russia and banks in Tajikistan and Kyrgyzstan . It was also one of the leading securities trading banks in Kazakhstan.


The history of the bank begins with the establishment of Medeu Bank on July 12, 1990. After Kazakhstan's independence, it was re-registered on October 21, 1991 under the name Kazkommertsbank. In April 1994 the bank took over Astana Holding, a Kazakh commercial bank. In 1995 the bank advised the Kazakh government and was thus involved in the restructuring and privatization of the Kazakh energy sector.

In November 2006, the company went public on the London Stock Exchange . In February 2007 the bank expanded abroad. 52.1 percent of the shares in the Russian Moskommertsbank were taken over, and in 2008 Kazkommertsbank acquired the remaining shares. A subsidiary was founded in Tajikistan in December 2007 and was approved for banking operations in 2008. The new corporate headquarters in the Regional Financial Center in Almaty was also opened in December . As a result of the global financial crisis , the Kazakh state fund Samruk-Kazyna acquired 21.2 percent of the shares in Kazkommertsbank in May 2009 as part of a state stabilization program. The bank also participated in a government refinancing program that was completed in 2012.

In February 2014, Kazkommertsbank purchased along with Kenges Raqyschew the ailing BTA Bank on. Kazkommertsbank and Raqyshev each acquired 46.5 percent of the shares for around half a billion US dollars each. On February 2, 2016, the bank announced the sale of all shares in BTA Bank. These were sold in equal shares to the two businessmen Kenges Raqyshev and Nurschan Subchanberdin .

The takeover of BTA Bank and its debt burden had a negative impact on the bank's liquidity and balance sheet; In March 2017, the government's Problem Loans Fund, a bad bank , bought Kazkommertsbank's problem loans worth 2.4 trillion tenge . This was a precondition for a possible takeover by Halyk Bank, which had announced its takeover the month before. In June, Halyk Bank acquired a total of 96.8 percent of all shares in Kazkommertsbank for a symbolic two tenge; In December, the board of directors of Halyk Bank decided to integrate Kazkommertsbank, which was completed in July 2018. On April 22, 2019, Kazkommertsbank was deleted from the Kazakh business register.

Corporate structure

In 2017 Kazkommertsbank had the following subsidiaries:

  • Kazkommerts Securities (stock exchange services)
  • Kazkommerts International BV (fundraising)
  • Kazkommerts Finance (fundraising)
  • Kazkommerts Life ( life insurance )
  • Kazkommerts-Policy ( insurance )
  • Kazkommertsbank Tajikistan
  • Moskommertsbank ( Russia )
  • KUSA KKB-1 (troubled assets)
  • KUSA KKB-2 (troubled assets)
  • KUSA KKB-3 (troubled assets)
  • QPayments ( payment services )
  • AlemCard (payment services)
  • BTA Securities (stock exchange services)
  • Titan-Inkassatsiya ( debt collection services )

Individual evidence

  1. a b JSC Halyk Bank: JSC Kazkommertsbank Ceases to Exist. Finanznachrichten.de, accessed on August 2, 2020 (English).
  2. a b c Kazkommertsbank Annual Report 2016. Kazakh Stock Exchange, accessed on August 3, 2020 (PDF).
  3. a b Annual Report 2017. Kazakh Stock Exchange, accessed on August 3, 2020 (English; PDF)