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Halyk Bank to Pay $193 Million for State-Owned Preferred Shares

Halyk Savings Bank, the lender controlled by Kazakh President Nursultan Nazarbayev’s daughter and son-in-law, will pay 28.8 billion tenge ($193 million) for its preferred shares owned by the state.

Halyk Bank, the second-largest Kazakh lender by assets, will buy 160 million shares for 179.94 tenge apiece from sovereign wealth fund Samruk-Kazyna today and tomorrow, the Almaty-based lender said in a statement to the Kazakhstan stock exchange. Halyk didn’t elaborate on the transaction.

Samruk-Kazyna bought stakes in Halyk and Kazkommertsbank in early 2009 and took control of BTA Bank, Kazakhstan’s largest lender at the time, after credit markets froze and the country’s property bubble burst.

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