Marat Zairov is resigning from the position of BTA Bank CEO

Marat Zairov is resigning from the position of BTA Bank CEO, KazTag Agency reports, citing a source close to the situation. “Mr. Marat Zairov is leaving the bank. With his appointment, there emerged controversy over restructuring of the bank’s debts and the bank’s asset recovery, including foreign assets”, the source said. Zairov was appointed to the position in August 2011, replacing Mr. Anvar Saidenov, the latter being appointed Chairman of the Board. Before that Zairov headed Nurbank and served as Vice CEO at Halyk Bank. After defaulting in 2009, BTA Bank finished restructuring of its debt in September 2010. The restructuring reduced the debt from $16.65 billion to $4.2 billion. After the restructuring BTA Bank is controlled by Samruk-Kazyna state fund (81.48 percent). Restructuring allowed the bank’s creditors to receive the total of over 18 percent of its stock. At the end of 2010 BTA Bank was ranked 16th by assets among CIS banks and 3rd among 39 commercial banks in Interfax-1,000 ranking made by Interfax-CEA.