A chapter in BTA Bank's restructuring to close today, December 28 28 декабря 2012, 10:24
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Yelena Bakhmutova. Photo by Yaroslav Radlovskiy©
The issue of BTA Bank’s restructuring will be closed in Almaty financial court on December 28, Tengrinews.kz reports citing deputy chairman of Samruk-Kazyna Yelena Bakhmutova as saying at the briefing on BTA Bank.
“The payments to exchange BTA Bank’s old debts to the creditors for its new ones were made on December 24 and all the necessary changes related to the restructuring were made in the December 24 reporting. The financial hearing on restructuring of BTA Bank was scheduled for 10:00 a.m. tomorrow (December 28) in Almaty Financial Court. I hope that the line will be drawn in the second restructuring of BTA Bank,” Bakhmutova said in Astana.
The Deputy Chairman noted that the bank’s own capital had been fully restored after the restructuring as of the reports of December 24.
“It will make 212.2 billion tenge, which is equivalent to $1,456 million and, as promised, the capital adequacy will be fully restored, in particular, the level of the first-level capital by basic standards has been stacked at over 10 percent. It turns out in the reports that the first-level capital will comply with the adequacy of over 21.6 percent. Considering the achieved restructuring for the nearest 4 years, BTA Bank’s capital adequacy will be at the reasonable level, considering the regulator’s requirements planned to be introduce in 2013 under Basel-3 requirements,” Bakhmutova added.
First restructuring of the bank’s debt as part of Kazakhstan's anti-crisis program that was effected with participation of Samruk-Kazyna National Welfare Fund was completed in September 2010. As a result, the bank’s debt went down from $12 to $3.7 billion. The payment periods were changed from 1-5 to 8-20 years, with decrease of the average borrowing rate to 9-10 percent.