ma...in BTA non c'erano anche banche europee come azionisti? se non sbaglio:
Credit Suisse, ING, Fortis Bank, HSBC, GarantiBank International N.V., WestLB, ABN AMRO Bank N.V., Rabobank International, Islamic Development Bank, Bank of Tokyo, Bank Nederland N.V.
per chi fosse interessato al video su BTA
Kelimbetov promette 'Trasparenza' nelle negoziazioni con i creditori tende a rassicurare gli investitori ma non si sbilancia...a fine maggio-inizio giugno inizieranno le trattative...il video però si interrompe sul piu bello
http://www.bloomberg.com/avp/avp.htm?N=video&T=Kazakhstan's%20Kelimbetov%20Vows%20'Transparency'%20in%20BTA%20Talks%20&clipSRC=mms://media2.bloomberg.com/cache/vxYb_ACgQGlE.asf
Kazakhstan Needs IMF to Avert Emerging-Market Crisis, ING Says
By Valerie Rota and Hugh Collins
May 20 (Bloomberg) -- Kazakhstan, whose companies hold more debt than any former Soviet nation after Russia, may need International Monetary Fund financing to avert a “bond crisis” following defaults by three lenders, according to ING Groep NV.
Astana Finance, part-owned by the government, said yesterday it stopped paying interest and principal on $175 million of bonds. Alliance Bank, the nation’s fourth-biggest by assets, and state-controlled
BTA Bank defaulted in April.
The former Soviet Union accounts for about half of all distressed debt in emerging markets, with Kazakhstan the second- largest corporate borrower, said
David Spegel, head of emerging- market strategy at ING Financial Bank NV in New York. Companies are struggling after gross domestic product in Kazakhstan, holder of 3.2 percent of the world’s oil reserves, shrank 2.2 percent in the first quarter on weakening demand for commodities after growth of more than 10 percent from 2000 through 2006,
“Foreign investors have a big interest in Kazakhstan,” Spegel said in an interview. “So there is a possibility that the IMF in an effort to prevent, to stem a crisis in the emerging market bond market, might try to step in.”
Kazakhstan central bank Governor
Grigori Marchenko said May 16 in London that the country won’t turn to the Washington-based IMF, which has mounted rescues from Pakistan to Iceland in the past six months.
IMF Assessment
When asked if the IMF is considering a financial-rescue package Simonetta Nardin, a spokeswoman, referred to a report issued by the fund last week that calls for “a full diagnostic assessment” of Kazakhstan’s large banks.
The May 15 report, an annual review of Kazakhstan’s economy and financial system, also called for “a prompt resolution” to negotiations between creditors and domestic banks “because the underlying businesses of these banks will deteriorate rapidly if uncertainties about their future linger.”
Astana Finance, located in Astana, cited a “deterioration” of its finances yesterday in its decision to halt payments on the five-year, 9 percent bonds maturing in 2011. Astana Finance will seek to restructure its domestic and international debts within 12 weeks, the lender said in a regulatory filing.
The bank has $2.2 billion of dollar, euro, yen and tenge debt outstanding, including $103 million due this year, Bloomberg data show. The 9 percent dollar bonds were yielding 102 percent on May 1, the last day they traded, according to prices on Bloomberg.
Alliance Bank
Alliance Bank, based in Almaty, said last month it stopped paying creditors after discovering $1.1 billion of liabilities that weren’t reflected on its balance sheet. It didn’t make a principal payment of more than $10 million on “a certain senior non-Kazakhstan law governed” loan placed with foreign lenders due May 11, the bank said last week.
Almaty-based BTA, the nation’s largest bank, was taken over by the state’s sovereign wealth fund in February and halted principal payments on its debt last month as creditors demanded immediate repayment.
“When the crisis originally began, Kazakhstan was the first hit,” ING’s Spegel said. “And everything that is happening now has been building up for a while.”
President
Nursultan Nazarbayev’s government has spent more than 734 billion tenge ($4.9 billion) to support banks and businesses since the economic downturn began in 2007, including the February takeover of BTA.
Defaults by the three lenders “are going to spill over into the economy,” said
Jack Deino, who oversees $450 million of emerging-market debt at Invesco Inc. in New York. Financing from the IMF “is a possibility,” he said.
Kelimbetov Says Too Early to Say If Kazakhstan Needs IMF Help
By Nariman Gizitdinov
May 20 (Bloomberg) -- It’s too early to say if Kazakhstan will require financial assistance from the International Monetary Fund, Kairat Kelimbetov, head of the state’s National Wellbeing Fund Samruk-Kazyna, told reporters in Almaty today.
Kazkommertsbank, Halyk Need to Restructure Debt on Their Own
By Nariman Gizitdinov and Denis Maternovsky
May 20 (Bloomberg) -- Kazkommertsbank and Halyk Savings Bank, Kazakhstan’s second- and third-largest lenders by assets, will have to restructure their debt themselves, the head of the Kazakh government holding company said.
“The responsibility of servicing external debt lies with the management of Kazkommertsbank and Halyk,”
Kairat Kelimbetov, head of the National Wellbeing Fund Samruk-Kazyna, told reporters in Almaty today. The state controls 21 percent each of Kazkommertsbank and Halyk.
Almaty-based BTA Bank, the country’s biggest bank, and Alliance Bank, the fourth-biggest, already are in talks to restructure debt after defaulting on their borrowings as Kazakhstan slides into its first economic contraction in a decade. Astana Finance, a lender also partly owned by the state, said yesterday it stopped paying interest and principal on its dollar bonds, becoming the third Kazakh bank to default since April 13.
The talks with holders of BTA and Alliance debt are helping create the “groundwork for dialogue” with debt holders, Kelimbetov said. The government is waiting for debt restructuring talks to be completed before it decides on providing BTA with more capital, he said.
President
Nursultan Nazarbayev’s government has spent more than 734 billion tenge ($4.9 billion) to support banks and businesses since the economic slowdown began in 2007, including the February takeover of BTA.
“If the negotiations to restructure the debt of BTA and Alliance Bank are successful, Kazkommertsbank and Halyk may follow,”, Nurlan Smagulov, a member of the government’s anti- crisis council, said on May 18.
Kazakh banks’ provisions against bad loans may reach as much as 4 trillion tenge, or 25 percent of GDP, this year, according to estimates by the National Business Forum, a discussion group set up to help improve anti-crisis measures.