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BTA Chairman of the Board Anvar Saidenov believes that the comments made by Halyk bank Chairperson of the Board Ms. Umyt Shaykhmetova on inexpediency of any BTA’s attempts of debt restructuring are unethical, Newskaz.ru reports. At a press-conference in Almaty April 3, Halyk Bank Chairperson of the Board Ms. Umyt Shaykhmetova had criticized the BTA’s plans of the second debt restructuring. According to her, “the attempts are inexpedient as the BTA Bank no longer plays a significant role in the country’s banking industry and its termination will have no tangible effect on the market”. She even wondered why the industry regulator hadn’t forbidden BTA to draw deposits given the Bank’s plight. April 5 at a press-conference in Almaty, BTA Chairman of the Board Anvar Saidenov reminded that in March the Bank had had public debates with an independent economist Oraz Dzhandosov over his comments on the viability of the Bank and its optimization program. According to Anvar Saidenov, the situation around Halyk Bank commenting on BTA “is different as the two banks are competitors and redirecting of deposits flows may affect both banks”. “It is an issue of professional ethics. Some boundaries have been crossed, to put it mildly”, Mr. Saidenov believes. He also added that BTA is considering “filing a complaint about the actions of the Halyk Bank Chairperson”. He emphasized that public comments made by both Mr. Dzhandosov and Ms. Shaykhmetova and their conclusions reflect lack of true information about BTA. When commenting on Ms. Shaykhmetova’s statements, Anvar Saidenov admitted that the Bank has lost its position in some realms, but is still among the top three or five banks in Kazakhstan. “I am still confident that the Bank still has a great impact on the banking sector”, he said. BTA Bank defaulted in 2009. In September 2010 BTA Bank completed the first restructuring of its debt. As a result, the bank’s debt was slashed from $16.65 to $4.2 billion. After the restructuring it is controlled by Samruk-Kazyna state fund (81.48 percent). The bank’s creditors received over 18 percent of shares after the restructuring. BTA Chairman Anvar Saidenov proposed a second restructuring in a Dec. 23 letter to shareholders to evade bankruptcy. The bank defaulted on its $150 million coupon payment in January 2012.
BTA Chairman of the Board Anvar Saidenov believes that the comments made by Halyk bank Chairperson of the Board Ms. Umyt Shaykhmetova on inexpediency of any BTA’s attempts of debt restructuring are unethical, Newskaz.ru reports.
At a press-conference in Almaty April 3, Halyk Bank Chairperson of the Board Ms. Umyt Shaykhmetova had criticized the BTA’s plans of the second debt restructuring. According to her, “the attempts are inexpedient as the BTA Bank no longer plays a significant role in the country’s banking industry and its termination will have no tangible effect on the market”. She even wondered why the industry regulator hadn’t forbidden BTA to draw deposits given the Bank’s plight.
April 5 at a press-conference in Almaty, BTA Chairman of the Board Anvar Saidenov reminded that in March the Bank had had public debates with an independent economist Oraz Dzhandosov over his comments on the viability of the Bank and its optimization program. According to Anvar Saidenov, the situation around Halyk Bank commenting on BTA “is different as the two banks are competitors and redirecting of deposits flows may affect both banks”.
“It is an issue of professional ethics. Some boundaries have been crossed, to put it mildly”, Mr. Saidenov believes.
He also added that BTA is considering “filing a complaint about the actions of the Halyk Bank Chairperson”.
He emphasized that public comments made by both Mr. Dzhandosov and Ms. Shaykhmetova and their conclusions reflect lack of true information about BTA.
When commenting on Ms. Shaykhmetova’s statements, Anvar Saidenov admitted that the Bank has lost its position in some realms, but is still among the top three or five banks in Kazakhstan.
“I am still confident that the Bank still has a great impact on the banking sector”, he said.
BTA Bank defaulted in 2009. In September 2010 BTA Bank completed the first restructuring of its debt. As a result, the bank’s debt was slashed from $16.65 to $4.2 billion. After the restructuring it is controlled by Samruk-Kazyna state fund (81.48 percent). The bank’s creditors received over 18 percent of shares after the restructuring.
BTA Chairman Anvar Saidenov proposed a second restructuring in a Dec. 23 letter to shareholders to evade bankruptcy. The bank defaulted on its $150 million coupon payment in January 2012.
