1-Kazakh BTA to decide on unit restructuring in June
May 29, 2009. Reuters. ALMATY
* Temirbank debt restructuring to be decided next week
* Has $800 mln in outstanding bonds
Kazakhstan’s largest bank, BTA BTAS.KZ, will decide next week if its Temirbank TEBN.KZ subsidiary will restructure its foreign debt of $800 million, BTA Chief Executive Anvar Saidenov said on Friday.
BTA, nationalised in February after taking a heavy hit from the global crisis, is itself in talks with creditors to restructure its $15 billion debt after defaulting on loans in April.
“(The decision on Temirbank) will be a part of the general restructuring plan,” Saidenov told reporters, adding that the plan would be presented next week.
BTA is a majority shareholder in Temirbank, a smaller lender with a retail focus.
Two other Kazakh lenders, Alliance bank (ALLBq.L) and Astana Finance, have also stopped repaying debt and started restructuring talks.