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Troubled BTA to see new Chairman of Board August 5

30 july 2013, 13:10
BTA Bank. Photo courtesy of vesti.kz
BTA Bank. Photo courtesy of vesti.kz
Kadyrzhan Damitov, ex Head of the Kazakh Stock Exchange, will take the seat of the BTA Board Chairman August 5, Newskaz.ru reports, citing an unidentified source.

Erik Balapanov left the position voluntarily in July.

Mr. Damitov headed the country’s Stock Exchange and served as an independent director in Halyk Bank.

Following the Government’s bail out, BTA defaulted on $12bn of debt and agreed a restructuring that saw foreign creditors take a $7bn haircut in 2010. A second restructuring for another $11bn was concluded late last year.

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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