USD/KZT 484.37  +2.53
EUR/KZT 531.06  -0.27
NEWS ARCHIVE
NEWS
Government bails out major banks

ASTANA. February 13. KAZINFORM /Dzhamilya Seidaliyeva/ The charter capital of BTA Bank, one of the largest banks of the country, will be raised by USD 2.3 bln. This decision was adopted at the February 2 session of the Kazakh Government chaired by Prime Minister Karim Massimov. Along with this, 25% of its shares will be transferred under the control of «SamrukKazyna» National Welfare Fund. This measure will allow to safeguard the population’s deposits and ensure uninterrupted financing of production sectors of economy. According to Head of the National Bank Grigory Marchenko, that was an extraordinary measure of the state on supporting the banks’ activity. In late 2008 Fitch Ratings agency affirmed the rating of the Bank as «negative» which meant that BTA Bank was not able to discharge its liabilities and it would have to announce default in the nearest outlook. As a result the Bank signed a Memorandum of cooperation with the Government which provided with 25% capitalization of the Bank in exchange for observance of certain prudential requirements. However these obligations were not fulfilled. According to the inspection held by the financial supervision agencies, the BTA Bank violated liquidity coefficient and own capital adequacy ratio. Having established control over BTA Bank Kazakhstan Government managed to preserve domestic production financing. As soon as the situation in the world banking sector is stabilized the state (represented by «SamrukKazyna») will withdraw from the bank’s capital.


Resourse: KAZINFORM







Rambler's
Top100
Rambler's Top100

  WMC     Baurzhan   Oil_Gas_ITE   Mediasystem