Kazakh President Urges Banks To Merge

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President Nursultan Nazarbayev has urged Kazakhstan’s weak banks to merge, RIA Novosti reports.

Nazarbayev noted that four banks of the country possess 80 percent of the total bank assets and other banks are weak.

“The economy does not need these banks. They should merge or their shareholders should invest their own money if they want to save the banks. There is no other way to keep these banks,” he said.

The president ordered Head of the National Bank Daniyar Akishev “to act boldly” in the issue with weak banks.
Thirty-four banks were operating in Kazakhstan as of Jan. 1, 2017.