Capital Bank Kazakhstan JSC and AsiaCredit Bank JSC intend to stick with a previously devised action plan related to the merger of the two banks, despite the refusal of Tengri Bank JSC (KAS:DNBN), the press office of Capital Bank Kazakhstan has said that in a statement. "The proposed merger process envisaged consolidation of the operational activities of the two banks of Capital Bank Kazakhstan JSC and AsiaCredit Bank JSC at the first stage. The sole shareholder together with the top management of both banks intends to stick with the previously devised action plan for the merger, despite the refusal of the third party," the statement says.

The shareholders of AsiaCredit Bank JSC, Capital Bank Kazakhstan JSC and Tengri Bank JSC approved the merger of AsiaCredit Bank and Capital Bank Kazakhstan with Tengri Bank at their joint meeting on May 31, 2019. But earlier this week Punjab National Bank (BSE:532461), the largest shareholder of Tengri Bank, decided to revoke its consent to Tengri Bank's merger with Capital Bank Kazakhstan and AsiaCredit Bank.