Halyk Savings Bank (HSBK), the lender controlled by Kazakh President Nursultan Nazarbayev’s daughter and son-in-law, paid 7.1 billion tenge ($47 million) to its parent, AO Holding Group Almex, for an option to buy back preferred shares owned by the state.

Halyk Bank, the second-largest Kazakh lender by assets, bought 150 million shares for 179.94 tenge apiece from sovereign wealth fund Samruk-Kazyna, the Almaty-based lender said in a statement e-mailed today.

Samruk-Kazyna bought about 196 million preferred shares in Halyk in 2009 for 33 billion tenge. The option held by Halyk allows the lender to buy back shares till 2014.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Steve Voss at sev@bloomberg.net