Mukhtar Ablyazov’s united kingdom: a tale of four files/III

Mukhtar Ablyazov’s united kingdom: a tale of four files/IIIFour cases are currently pending at the High Court of London concerning the freezing of assets belonging to entities under control of former BTA Bank head Mukhtar Ablyazov and a number of associates who have seen their accounts frozen (but for some generous pocket money) and their passports taken. The first one, dubbed the Chrysopa case, leads to The Netherlands.

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Fitch upgrades ratings of Halyk Savings Bank of Kazakhstan, affirms those of Kazkommertsbank, ATFBank, Bank CenterCredit and Kaspi Bank

Fitch upgrades ratings of Halyk Savings Bank of Kazakhstan, affirms those of Kazkommertsbank, ATFBank, Bank CenterCredit and Kaspi BankFitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of Halyk Bank of Kazakhstan to ‘BB-‘ from ‘B+’ and affirmed the IDRs of four other Kazakh banks, namely Kazkommertsbank (KKB), ATF Bank, Bank Centercredit (BCC) and Kaspi Bank. At the same time, Fitch has affirmed the ratings of the Russian subsidiaries of BCC and KKB. A full rating breakdown is provided at the end of this comment.

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Samruk Kazyna’s subsidiaries to issue Initial Public Offerings in March

Samruk Kazyna’s subsidiaries to issue Initial Public Offerings in MarchKazakhstan’s Minister of Finance Bolat Zhamishev announced that in March national companies will begin issuing stocks in the domestic market. While it is still unknown what companies will issue the first public shares, they, according to Mr. Zhamishev, are “definitely” going public. The subject of the phased IPO process will be the subsidiary companies of the Samruk Kazyna Sovereign Wealth Fund. The initial public offering of state companies will be minority stakes, up to 10%.

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S&P affirms Eurasian Bank (Kazakhstan) credit ratings at “B/B”, revised the national scale rating from “kzBB” to “kzBB+”, outlook “Stable”

S&P affirms Eurasian Bank (Kazakhstan) credit ratings at "B/B", revised the national scale rating from "kzBB" to "kzBB+", outlook "Stable"Standard & Poor’s Ratings Services said today it revised its outlook on Kazakhstan-based JSC Eurasian Bank to stable from negative. At the same time, the ‘B/B’ long- and short-term counterparty credit ratings on the bank were affirmed. The national scale rating was raised to kzBB+’ from ‘kzBB’.

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S&P affirms ratings of Kazkommertsbank, Nurbank and AsiaCredit Bank; outlook changed to Stable

S&P affirms ratings of Kazkommertsbank, Nurbank and AsiaCredit Bank; outlook changed to StableStandard & Poor’s Ratings Services said today it revised its outlooks on Kazakhstan-based Kazkommertsbank (JSC) (KKB), JSC Nurbank, and JSC AsiaCredit Bank to stable from negative. At the same time, the long- and short-term counterparty credit ratings on the banks were affirmed. We also assigned our ‘kzBB+’ Kazakhstan national scale rating to Nurbank.

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Kazkommertsbank seeks re-entry into post-crisis Eurobond fold

Kazkommertsbank seeks re-entry into post-crisis Eurobond foldKazkommertsbank (KKB) will find out this week whether foreign investors are ready to re-admit Kazakhstani banks to the Eurobond market after a crisis-ridden funding hiatus. Its fund raising plans come almost two years to the day after the government told the country’s four largest financial institutions – KKB included – that they would receive state-funded capital injections to boost their dwindling liquidity.

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