Kazakhstan's Kazkommertsbank is teaming up with businessman Kenes Rakishev to take control of BTA Bank as the state moves to reduce its stake in the bailed-out lender. Kazkommertsbank is the country's largest bank by assets. 

Reuters, citing a statement by Samruk-Kazyna, said that the Kazakh sovereign wealth fund on Monday struck a preliminary and non-binding deal to sell equal-sized stakes in BTA Bank. Stakes in the country's third-biggest lender will be sold to Kazkommertsbank and Rakishev for undisclosed sums.

While strengthening Kazkommertsbank's market position, the deal will also hand it the daunting task of reducing BTA's vast portfolio of non-performing loans, the report said.

Meanwhile, Samruk-Kazyna will keep a minority stake in BTA Bank. The sovereign fund bailed out BTA Bank in 2009 during the financial crisis. It is estimated to have spent around $8 billion to stabilize its financial position. Samruk-Kazyna currently owns 97% of BTA Bank, Reuters said.

Asyl-Invest chief analyst Aivar Baikenov said that his firm estimates that the real cost of BTA Bank is not higher than $456 million. Asyl-Invest is an investment company based in Kazakhstan, the report said.