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KazKom bank and billionaire Kenes Rakishev eyeing BTA Bank 24 декабря 2013, 17:48

Kazakhstan-based Kazkommertsbank and businessman Kenes Rakishev might purchase BTA Bank.
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Новостью поделились: человек

©Yaroslav Radlovsky ©Yaroslav Radlovsky
Kazakhstan-based Kazkommertsbank and businessman Kenes Rakishev might purchase BTA Bank, Tengrinews reports citing the press-service of Samruk-Kazyna. "Samruk-Kazyna Sovereign Wealth Fund and the consortium of Kazkommertsbank and businessman Kenes Rakishev have declared signing of a preliminary agreement, not a biding one yet, to initiate purchase of the Fund's stake in BTA Bank," the message says. Samruk-Kazyna currently hold 97.3% of the bank's common stock. It got the stock when the bank was nationalized by the Kazakhstan government in 2009 after it defaulted on its international obligations. BTA's huge debt was subsequently restructured twice, in 2010 and 2012. According to the preliminary agreement Kazkommertsbank and Kenes Rakishev are going to purchase equal parts of the Fund's share in the BTA Bank stock. However, the Fund will still keep a minority share in the Bank. It is expected that the deal would enable Kazkommertsbank to control BTA Bank's activities. After completing the acquisition, the parties to the deal are planning to start a merger of Kazkommertsbank and BTA Bank to ensure their stable and dynamic development. To finalize the negotiations the parties need to get all the necessary corporate decisions, obtain permissions from the authorities and make adjustments to the existing obligations under the previous agreements and issued stock. BTA Bank's assets made $10.5 billion, own capital made $1.9 billion and net income made $157 million as of September 30, 2013.

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