Government Of Kazakhstan Plans To Support Two Banks Through Fund Of Problematic Assets

Betted On Kazakhstan’s Largest – And Cheapest – Bank

The Government of Kazakhstan plans to support performance of potential deal between two largest banks through the Fund of problematic assets, reports the National Bank.

“In the aims of provision of financial stability and rehabilitation of banking sector a memorandum on mutual understanding was signed between the Government of Kazakhstan, the National Bank, Samruk-Kazyna SWF, the Fund of problematic assets, Kazkommertsbank and other big shareholders, Halyk Bank of Kazakhstan and BTA Bank on March 2 2017,” the message reports.

In compliance with the memorandum Halyk Bank of Kazakhstan plans to acquire the shareholding from Kazkommertsbank.
“In turn, for effective performance of the potential bargain on acquisition of shareholding of Kazkommertsbank the Government of Kazakhstan and the National Bank intend to provide financial support through acquisition of the problematic assets of the Fund of problematic assets,” said the information.