Feb. 7 (Bloomberg) -- The sale of stakes in state-run Kazakh lenders BTA Bank, Alliance Bank and Temirbank will be open to “any investor,” according to the national wealth fund’s deputy chief executive officer.
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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