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Samruk-Kazyna to exit BTA Bank, Alliance Bank and Temirbank: Nazarbayev

04 february 2013, 20:38
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Kazakhstan President Nursultan Nazarbayev. Photo by Danial Okassov©
Kazakhstan President Nursultan Nazarbayev. Photo by Danial Okassov©
Kazakhstan President Nursultan Nazarbayev instructed Samruk-Kazyna to withdraw from the capitals of BTA Bank, Alliance Bank and Temirbank, Tengrinews.kz reports citing President as saying at the meeting on the current development of the country.

The meeting was attended by Prime-Minister Serik Akhmetov, head of the President’s Administration Karim Massimov, deputy Prime-Minister Kairat Kelimbetov, deputy head of the President’s Administration Bakhyt Sultanov, chairman of Samruk-Kazyna National Welfare Fund Umirzak Shukeyev and Minister of Oil and Gas Sauat Mynbayev.

The President stressed that several measures had been taken in the banking system to decrease the external debt and the process had to be continued.

“The President instructed to withdraw from the capitals of BTA Bank, Alliance Bank and Temirbank,” the President’s official website writes.

Chairman of Samruk-Kazyna Umirzak Shukeyev said that restructuring and other measures helped decrease BTA Bank’s external debt from $9 billion to $750 million and helped build a new system of the bank’s management.

BTA Bank completed its first restructuring of debt in 2010. As a result the debt was lowered from $16.65 billion to $4.2 billion.

After completion of the debt restructuring, BTA Bank that defaulted in 2009, is controlled by Samruk-Kazyna (81.48 percent). The bank’s creditors received the total of over 18 percent of the stake.

Kazakhstan President Nazarbayev also spoke of a need to increase efficiency of the pension system and stressed that it was necessary to define further steps needed to solve pressing issues in oil and gas sector.

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