China Citic Bank to buy controlling stake in Kazakhstan lender

Xi Jinping. Photo: Bloomberg

China Citic Bank Corp. and another Chinese state-owned company agreed to buy a controlling stake in Kazakhstan’s Altyn Bank as President Xi Jinping ramps up an overseas trade-and-infrastructure push called “One Belt, One Road.”

Citic Bank and the investment arm of state-run China Tobacco Co. will buy a 60 percent stake in Altyn Bank, pending regulatory approvals, the Chinese lender said in an exchange filing Wednesday. The transaction is due to be completed by year end, vendor Halyk Bank said in a separate statement, adding that it will retain 40 percent. No deal value was disclosed.

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