RNS Number : 9402A
09 February 2011
Kazkommertsbank commits capital to JSC "Kazkommerts Life"
9 February 2011, Almaty, Kazakhstan - Kazkommertsbank (the "Bank"), one of the largest banks in Kazakhstan and Central Asia, announces today that it has increased the chartered capital of JSC "Life insurance company "Kazkommerts Life", as part of its commitment of providing capital to its subsidiaries.
On 8 February 2011 Kazkommertsbank purchased 139,000 newly issued shares in Kazkommerts Life for the price of KZT1,000 per share. As a result, the chartered capital of Kazkommerts Life increased by KZT139 million to KZT1,590 million. Kazkommertsbank continues to own 100% of the company.
The capital injection was made in order to maintain the financial stability of the subsidiary and to comply with capital adequacy requirements.
JSC "Kazkommerts Life" is one of the top three life insurance companies in Kazakhstan.
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