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. Last Updated: 07/27/2016

Kazakh Bank to Take Stake in SBS-Agro

ALMATY, Kazakhstan -- Kazakhstan's Kazagroprombank said Thursday it would take a stake in Russia's banking group SBS-Agro, which bought a stake in Kazagroprombank in December last year.

"The group SBS-Agro has already bought our shares. This happened before the New Year. I think that within 10 days we will buy a stake in SBS-Agro," Beisenbek Ziyabekov, head of Kazagroprombank, said to reporters.

Ziyabekov said SBS-Agro would hold 20 percent to 22 percent in Kazagroprombank's authorized capital, while his bank's share in the SBS-Agro, one of Russia's 10 biggest banks, would account for some 15 percent.

Both banks are taking part in the conference of agricultural banks of the Commonwealth of Independent States in Almaty.

Ziyabekov said now both banks would cooperate closely in financial agricultural sectors in their countries.