Halyk Bank of Kazakhstan has renounced purchasing the government’s stake in the earlier bailed out BTA Bank, Tengrinews reports, citing the statement made by Halyk Bank.
Halyk Bank completed a due diligence to assess pros and cons of a possible purchase. Based on the due diligence findings, Halyk Bank offered non-binding conditions acceptable for the Bank to purchase the stake. However, Samruk – Kazyna Sovereign Wealth Fund, the actual owner of the stake, didn’t accept the conditions.
“Thus, Halyk Bank announces that upon mutual agreement, it has terminated talks on possible purchase into BTA”, the statement reads.
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.