Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Samruk-Kazyna Will Support BTA Bank’s Debt Restructuring

Feb. 3 (Bloomberg) -- Kazakhstan’s sovereign wellbeing fund Samruk-Kazyna said it will support BTA Bank’s proposed debt restructuring and the situation at the lender will be stabilized, according to Umirzak Shukeyev, who heads the fund.

The “financial condition” of the bank makes it “clear” that “BTA needs the second debt restructuring,” Shukeyev told reporters today in the capital, Astana. “We will discuss this with creditors and first of all we should make the principal decision about the necessity of this restructuring with them,” he said. “Samruk-Kazyna is ready for injections into BTA, but creditors must do it too.”

BTA Bank said Jan. 26 it will push ahead with debt restructuring talks even after failing to gain sufficient votes from holders of global depositary receipts to begin the process. The lender missed a coupon payment at the start of January on its July 2018 dollar bonds. It has pledged to exempt depositors from restructuring.

“We must support the bank, which means opening new deposits and accounts there,” Shukeyev said.

To contact the reporter on this story: Svetlana Antoncheva in Astana, Kazakhstan at santoncheva1@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.