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Halyk Bank top manager on purchase of BTA

18 june 2013, 14:48
0
Purchase of BTA by Halyk Bank and sales of Halyk Bank’s pension fund [to the Government] should be separate deals, KazTAG reports, citing Halyk Bank Chairman of the Board Alexander Pavlov.

Both deals should be closed without any pressure, at a fair price, he told a briefing June 18.

“We believe the deal to purchase BTA is a separate deal and will depend on the valuation of BTA currently carried out by our experts, he elaborated, adding that “three days ago Halyk Bank launched a due diligence process (…) depending on the findings, we will decide on whether to enter BTA”, he told journalists.

According to him, “purchase of BTA and sales of Halyk Bank’s pension fund could take place simultaneously (…) in any case, these should be monetary deals, rather than a barter deal”, he emphasized.

“As far as the pension fund is concerned, J.P. Morgan experts hired by Halyk Bank valued the pension fund at $576-715 million, including minor stakes held by KazTransOil and Kazakhstan Temir Zholy”, he said, elaborating that the Government will have its own valuation made.

Mr. Pavlov stressed that BTA is valued higher than Halyk Bank’s pension fund.

Back in February 2013 President Nazarbayev commissioned the Government to make sure Samruk-Kazyna Sovereign Wealth Fund exits the earlier bailed-out BTA, Alliance and Temir banks before the end of the year.
Samruk-Kazyna made Halyk Bank an offer to purchase BTA March 27, 2013.

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