Local investors and banks will also be able to participate in the sale, Yelena Bakhmutova told reporters in Astana today. The wealth fund, Samruk-Kazyna, has been weighing a merger of Temirbank and Alliance Bank and will seek a buyer for both, she said.
President Nursultan Nazarbayev ordered the sale of the state’s stakes in the three lenders this year on Feb. 4. The government used Samruk-Kazyna in 2009 to take over and bail out the banks, which restructured about $20 billion in debt after defaulting that year. BTA restructured its debt in December for the second time since 2010.
Samruk-Kazyna propped up lenders rocked by a credit squeeze in 2009 using money out of $10 billion tapped from the National Oil Fund. BTA, Alliance and Temirbank restructured about $20 billion in debt after defaulting that year. BTA restructured its debt in December for the second time since 2010, the lender said that month.
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