Halyk Bank’s Parent Earned $47 Million on State Stake Buyback

Halyk Savings Bank, the lender controlled by Kazakh President Nursultan Nazarbayev’s daughter and son-in-law, paid 7.1 billion tenge ($47 million) to its parent, AO Holding Group Almex, for an option to buy back preferred shares owned by the state.

Halyk Bank, the second-largest Kazakh lender by assets, bought 150 million shares for 179.94 tenge apiece from sovereign wealth fund Samruk-Kazyna, the Almaty-based lender said in a statement e-mailed today.

Samruk-Kazyna bought about 196 million preferred shares in Halyk in 2009 for 33 billion tenge. The option held by Halyk allows the lender to buy back shares till 2014.

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