Kenes Rakishev Sells Shares in KKB to Halyk Group

Kazkommertsbank (KKB) was founded in Kazakhstan in 1991. It offered a wide range of financial services to corporate and middle-sized businesses in the region and prided itself on its technological advancement. Headquartered in Almaty, KKB had branches in 45 cities across the country and subsidiaries in Russia and Tajikistan. It was the leading commercial bank in Kazakhstan and among the largest in the Commonwealth of Independent States (CIS).

In 2014, KKB and Kenes (Kenges) Rakishev agreed to purchase a 93% stake (46.5% each) in BTA Bank from the Samruk-Kazyna sovereign wealth fund, which bailed BTA out in 2009 following the global financial crisis. In 2015, Rakishev acquired a controlling stake in KKB. In 2017 Halyk Group acquired Rakishev’s shares and absorbed the bank.