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It’s feasible for Samruk-Kazyna to exit three bailed out banks in 2013

Thursday, 07.02.2013, 23:44
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It’s feasible for Samruk-Kazyna to exit three bailed out banks in 2013
It’s feasible for Samruk-Kazyna to exit three bailed out banks in 2013
Samruk – Kazyna Sovereign Wealth Fund Head Umirzak Shukeev announced February 7 that it is feasible for the Fund to exit BTA, Alliance and Temir banks [that were bailed out following the spill of the global financial crisis] in 2013, a journalist reports.

“The situation in Alliance and Temir banks got substantially better in 2012. The current situation makes it feasible for the Fund to exit the three banks. Thus quasi-governmental structures will no longer be participating in the country’s banking sector”, Mr. Shukeev told the Fund’s sitting presided over by PM Serik Akhmetov.

He elaborated that the concerted efforts of the National Bank, the Fund and BTA Bank enabled to complete the second debt restructuring at BTA Bank, tackling major issues for the Bank.

“The Fund’s mission is completed. The debt restructuring is over. The Fund should exit the three banks in a reasonably shortest time”, PM Akhmetov said.

February 4 Kazakhstan’s President Nursultan Nazarbayev commissioned the Fund to exit the banks within a year’s time.
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