Halyk Bank Receives Kazakhstan Regulator Approval to Acquire 49% Stake in Click

Tashkent, Uzbekistan (UzDaily.com) — Kazakhstan’s Halyk Bank has received approval from the Agency for Regulation and Development of the Financial Market of Kazakhstan to acquire a 49% stake in the payment service Click.

The regulator’s resolution is dated September 29, according to the agency.

To complete the transaction, Halyk Bank and Click also require authorization from Uzbek authorities: the Central Bank and the Competition Committee.

Under the terms of the agreement, Halyk Bank will acquire a 49% stake in Click for US$176.4 million. In exchange, Click shareholders will purchase 49% of the shares of Tenge Bank, a subsidiary of Halyk Bank, for US$60.76 million.

The Competition Committee of Uzbekistan must provide preliminary approval for the economic concentration, while the Central Bank must authorize the acquisition of a stake in the charter capital of Tenge Bank, which will amount to between 20% and 50% after the transaction.

The deal is expected to create mutual benefits for both parties and strengthen Halyk Bank’s position in the regional payments market.