Kazkommertsbank (KKB), one of the largest banks in Central Asia, has announced it has completed the acquisition of BTA Bank, the Times of Central Asia reports.

On June 30, 2014, as per their earlier agreements, Kazkommertsbank and Kenes Rakishev, a 34-year-old businessman and venture investor, each bought a 46.5% share in BTA Bank from Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund, KKB said.

Simultaneously, Samruk-Kazyna handed over its remaining 4.26% share in BTA Bank to KKB, according to the Trust Agreement. This provided KKB with over 50% of voting rights and operational control of BTA.

“We are pleased we were able to complete such a large and complex transaction in a timely manner,” said CEO of Kazkommertsbank, Nina Zhussupova, . “Today’s event was the next major milestone in the implementation of our strategy, which is designed to strengthen KKB’s position as one of the leading universal financial institutions in Kazakhstan and Central Asia. Now, together with other shareholders, we will focus on the process of integrating the two banks and reducing the level of non-performing loans. We believe this transaction will have a lasting positive effect on Kazakhstan’s banking system and will improve its resilience to economic cycles.”

Read more at the Times of Central Asia.