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Samruk to consider exiting BTA following the 2nd debt restructuring

16 may 2012, 08:29
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Samruk Kazyna HQ. © Vladimir Dmitriyev
Samruk Kazyna HQ. © Vladimir Dmitriyev
Samruk Kazyna Sovereign Wealth Fund will consider exiting the BTA Bank’s ownership structure after the second debt restructuring has been finalized, the Fund’s Director for Financial Assets Management Mr. Aidar Ryskulov said May 15 at the annual Fitch Ratings conference in Astana, KazTag Agency reports.

“The Fund’s management is fully aware that soonest debt restructuring at BTA is of prime importance for the national banking sector (…) The Fund has no intention of retaining its stakes in banks for a long time. The Fund is taking efforts to seek for prospective buyers (…) In case of BTA, a possible sale will be considered after the restructuring issue is resolved”, he said.

“As far as Temirbank is concerned, we do have specific proposals [to buy the Fund’s stake in the bank] (…) Alliance bank has been stabilized. The mid-term strategy is for the Fund to exit the banks”, Mr. Ryskulov elaborated, adding that “the timing will depend on negotiations with prospective investors”.

“There have been suggestions on merging Temir and Alliance banks; however, no decision has been taken. Consultants have been considering this option; the issue is still pending. As for Kazkommertsbank, the Fund has no intention of staying in the ownership structure for a long time either. The main shareholders of Kazkommertsbank haven’t made any official comments on possible buying out of shares from Samruk Kazyna. In case of Halyk Bank, Samruk is to exit its structure in the nearest future”, the Fund’s representative said.

“I can’t name any specific dates [for the Fund to exit the banks]. However, I believe this will happen before 2015”, he summed up.

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.

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