METHOS
Forumer storico
il 2 giugno faranno uscire il piano. Se verrà ben accolto e chiuso entro agosto ci sono buone probabiltà che sberbank entri in bta
Obbligazioni bancarie KAZAKISTAN e banche kazake (3 lettori)
- Creatore Discussione Massimo S.
- Data di Inizio
il 2 giugno faranno uscire il piano. Se verrà ben accolto e chiuso entro agosto ci sono buone probabiltà che sberbank entri in bta
lucailmoro
Nuovo forumer
ma l'ingresso di sberbank a piano di ristrutturazione avvenuto nn credo che giocherà un ruolo favorevole piu di tanto per gli obbligazionisti.
METHOS
Forumer storico
Sberbank prima di entrare lascia fare il "lavoro sporco" cioè la ristrutturazione del debito alla stessa bta appoggiata dai suoi consulenti (goldman e ubs). L'entrata post restrutturazione avrebbe più che altro l'effetto di garantire che almeno il debito ristrutturato venga negli anni saldato.
Non ho ancora visto ipotesi su come sarà fatta la ristrutturazione, essendo purtroppo coinvolto spero che non sia pesante.
lucailmoro
Nuovo forumer
mi auguro che il quel paese sia previsto un rappresentante comune degli obbligazionisti o cmq che i creditori che sono per lo più istiuzionali sappiano far valere la loro voce ma in chiave di par condicio creditorum.
METHOS
Forumer storico
Al di là di queste giuste considerazioni il nocciolo della questione è capire se l'ex dirigenza si è fottuta i soldi e in quale quantità. Il tutto per sapere poi quanto onerosa sarà la ristrutturazione.
Per il resto siamo in mani di avvoltoi da una parte morgan che ha chiesto il default per riscuotere i cds dall'altra goldman...
lucailmoro
Nuovo forumer
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.
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.
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METHOS
Forumer storico
Kazkommertsbank says no plans to restructure debt
Wed May 20, 2009 6:01pm IST
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ALMATY, May 20 (Reuters) - Kazakhstan's second-biggest bank Kazkommertsbank (KKGByq.L: Quote, Profile, Research) said on Wednesday it had no plans to restructure its debt following restructuring announcements from three other Kazakh lenders.
"We are not planning any debt restructuring," Kazkommertsbank Executive Director Sergei Mokrousov told a conference call. (Writing by Olzhas Auyezov; Editing by Maria Golovnina)
Wed May 20, 2009 6:01pm IST
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ALMATY, May 20 (Reuters) - Kazakhstan's second-biggest bank Kazkommertsbank (KKGByq.L: Quote, Profile, Research) said on Wednesday it had no plans to restructure its debt following restructuring announcements from three other Kazakh lenders.
"We are not planning any debt restructuring," Kazkommertsbank Executive Director Sergei Mokrousov told a conference call. (Writing by Olzhas Auyezov; Editing by Maria Golovnina)
lucailmoro
Nuovo forumer
Kazakistan/ In vista ingresso della russa Sberbank in Bta Bank
di Apcom
Per l'istituto di credito di Astana salvataggio del governo
Roma, 20 mag. (Apcom-Nuova Europa) - La banca russa Sberbank potrebbe valutare in agosto la possibilità di acquisire una quota nella Bta Bank, il principale istituto di credito del Kazakistan, il cui controllo è stato assunto dallo stato per salvarlo dal fallimento. L'ha detto oggi, secondo quanto riporta l'agenzia di stampa Interfax, il capo del fondo SamrukKazyna Kairat Kelimbetov. "Come è noto, Bta ha iniziato un programma per la ristrutturazione del debito con l'estero. Noi abbiamo concordato che terremo la Sberbank informata sui progressi e dopo che la , ristrutturazione dei debiti, rivedremo la questione. Potrebbe accadere ad agosto", ha detto Kelimbetov parlando ad Almaty. Sberbank, ha spiegato il funzionario kazako, non ha ancora preso una decisione e sta semplicemente valutando la possibilità di investire nella Bta Bank.
di Apcom
Per l'istituto di credito di Astana salvataggio del governo
Roma, 20 mag. (Apcom-Nuova Europa) - La banca russa Sberbank potrebbe valutare in agosto la possibilità di acquisire una quota nella Bta Bank, il principale istituto di credito del Kazakistan, il cui controllo è stato assunto dallo stato per salvarlo dal fallimento. L'ha detto oggi, secondo quanto riporta l'agenzia di stampa Interfax, il capo del fondo SamrukKazyna Kairat Kelimbetov. "Come è noto, Bta ha iniziato un programma per la ristrutturazione del debito con l'estero. Noi abbiamo concordato che terremo la Sberbank informata sui progressi e dopo che la , ristrutturazione dei debiti, rivedremo la questione. Potrebbe accadere ad agosto", ha detto Kelimbetov parlando ad Almaty. Sberbank, ha spiegato il funzionario kazako, non ha ancora preso una decisione e sta semplicemente valutando la possibilità di investire nella Bta Bank.
lucailmoro
Nuovo forumer
Kazakh Banks’ Bad Loan Risk Rising Toward ‘Critical’ (Update1)
By Nariman Gizitdinov
May 22 (Bloomberg) -- The risk posed to Kazakhstan’s banks by nonperforming loans has increased from a “satisfactory level” and is trending toward a “critical state,” the Agency for Financial Supervision said on its Web site today.
The agency said higher risk had resulted from an increase in nonperforming loans from 8.1 percent of all loans outstanding at the start of the year to 12.4 percent on April 1. Nonperforming loans jumped from 6.3 percent of banks’ assets to 9 percent in the period, the agency said.
Kazakh banks increased provisions from 11.1 percent of all loans outstanding on Jan. 1 to 15.2 percent on April 1, a rise of 535.2 billion tenge ($3.6 billion), mostly to cover bad loans, the agency said.
By Nariman Gizitdinov
May 22 (Bloomberg) -- The risk posed to Kazakhstan’s banks by nonperforming loans has increased from a “satisfactory level” and is trending toward a “critical state,” the Agency for Financial Supervision said on its Web site today.
The agency said higher risk had resulted from an increase in nonperforming loans from 8.1 percent of all loans outstanding at the start of the year to 12.4 percent on April 1. Nonperforming loans jumped from 6.3 percent of banks’ assets to 9 percent in the period, the agency said.
Kazakh banks increased provisions from 11.1 percent of all loans outstanding on Jan. 1 to 15.2 percent on April 1, a rise of 535.2 billion tenge ($3.6 billion), mostly to cover bad loans, the agency said.
lucailmoro
Nuovo forumer
prime ipotesi: componente in contanti potenziale o estensione della scadenza
BTA Bank willing to sell overseas assets; finalizing debt restructuring
By SRI ⋅ May 25, 2009 ⋅ http://silkroadintelligencer.com/20...as-assets-finalizing-debt-restructuing/email/
(SRI) - BTA Bank, Kazakhstan’s embattled largest bank which has recently defaulted on its foreign debt, is willing to sell its overseas assets if it receives a good offer, Reuters reported citing the bank’s CEO.
Talking about the ongoing restructuring efforts of the bank’s $15 billion in foreign debt, Anvar Saidenov told Reuters that creditors would be offered a variety of options, including a potential cash component or extension of maturity, although he declined to give further details of debt restructuring proposals.
“We have not yet finalised the quantitative details for the discount. A lot will depend on the pricing of the market at the time of the restructuring plan announcement,” Saidenov told Reuters.
Yet, with its debt currently trading between 15 to 30 cents to the dollar, investors are bracing themselves for large haircuts on BTA’s debt.
BTA defaulted on a $550 million bilateral loan last month after Morgan Stanley and another unnamed creditor invoked an acceleration clause. This action has caused BTA to halt all principle repayments while it attempts to restructure its debt in a way it claims would treat all its creditors equally.
Saidenov expressed disappointment that the two creditors had invoked acceleration, since BTA had continuously assured its lenders that it would be able to service its debt according to preexisting schedule.
Moreover, analysts have noted that many bondholders had protected their positions via credit default swaps which pay out should the issuer default on underlying debt. This could give a lender an incentive to actually seek the default of the bank, which would trigger the CDS payments.
“This factor — the existence of CDS contracts with a number of creditors complicated the situation very much,” Saidenov said. “Now we face a different situation in financial markets as there are creditors who are interested not only in acceleration but actually in default as they can come out of the situation with far better results than participating in restructuring.”
Foreign assets
BTA was Kazakhstan’s most aggressive bank in terms of expansion, buying stakes in banks in many ex-Soviet states including Russia, Ukraine or Georgia but also in Turkey or the United Arab Emirates. It also invested in insurance and leasing firms at home and overseas.
“We are implementing a case-by-case approach to foreign assets. We have a number of attractive assets which we would like to keep but if there are proposals to buy some of the assets and we could recover our investments, such sales could take place,” Saidenov told Reuters.
He said BTA had rejected an approach to sell its Armenian subsidiary as not attractive enough and also intends for now to keep its 34 percent stake in Turkey’s Sekerbank.
Moreover, BTA, which had under its former management acquired a number of subsidiaries in opaque deals, struggles to untangle the complicated ownership structures which control its foreign subsidiaries.
In April, BTA’s Ukraininan subsidiary reported that its Kazakhstan parent reduced its ownership in BTA Bank (Ukraine) from 49.99 percent to 9.99 percent, a report which BTA Kazakhstan promptly denied. Additionally, the Ukraininan subsidiary renamed the bank to AMT Bank, a move currently contested in court by BTA Kazakhstan.
This has led local analysts to warn of possible attempts by the BTA’s former management to take control of the bank’s overseas assets.
According to Renaissance analyst Milena Ivanova-Venturini, “asset stripping just before Samruk-Kazyna [Kazakhstan’s sovereign wealth fund] injected capital, effectively taking over BTA, has been one of our concerns for a while. The legal complexity and the web of ownership structures across BTA subsidiaries is anything but transparent, and we may yet hear of more such ‘changes’.”
BTA Bank willing to sell overseas assets; finalizing debt restructuring
By SRI ⋅ May 25, 2009 ⋅ http://silkroadintelligencer.com/20...as-assets-finalizing-debt-restructuing/email/
(SRI) - BTA Bank, Kazakhstan’s embattled largest bank which has recently defaulted on its foreign debt, is willing to sell its overseas assets if it receives a good offer, Reuters reported citing the bank’s CEO.
Talking about the ongoing restructuring efforts of the bank’s $15 billion in foreign debt, Anvar Saidenov told Reuters that creditors would be offered a variety of options, including a potential cash component or extension of maturity, although he declined to give further details of debt restructuring proposals.
“We have not yet finalised the quantitative details for the discount. A lot will depend on the pricing of the market at the time of the restructuring plan announcement,” Saidenov told Reuters.
Yet, with its debt currently trading between 15 to 30 cents to the dollar, investors are bracing themselves for large haircuts on BTA’s debt.
BTA defaulted on a $550 million bilateral loan last month after Morgan Stanley and another unnamed creditor invoked an acceleration clause. This action has caused BTA to halt all principle repayments while it attempts to restructure its debt in a way it claims would treat all its creditors equally.
Saidenov expressed disappointment that the two creditors had invoked acceleration, since BTA had continuously assured its lenders that it would be able to service its debt according to preexisting schedule.
Moreover, analysts have noted that many bondholders had protected their positions via credit default swaps which pay out should the issuer default on underlying debt. This could give a lender an incentive to actually seek the default of the bank, which would trigger the CDS payments.
“This factor — the existence of CDS contracts with a number of creditors complicated the situation very much,” Saidenov said. “Now we face a different situation in financial markets as there are creditors who are interested not only in acceleration but actually in default as they can come out of the situation with far better results than participating in restructuring.”
Foreign assets
BTA was Kazakhstan’s most aggressive bank in terms of expansion, buying stakes in banks in many ex-Soviet states including Russia, Ukraine or Georgia but also in Turkey or the United Arab Emirates. It also invested in insurance and leasing firms at home and overseas.
“We are implementing a case-by-case approach to foreign assets. We have a number of attractive assets which we would like to keep but if there are proposals to buy some of the assets and we could recover our investments, such sales could take place,” Saidenov told Reuters.
He said BTA had rejected an approach to sell its Armenian subsidiary as not attractive enough and also intends for now to keep its 34 percent stake in Turkey’s Sekerbank.
Moreover, BTA, which had under its former management acquired a number of subsidiaries in opaque deals, struggles to untangle the complicated ownership structures which control its foreign subsidiaries.
In April, BTA’s Ukraininan subsidiary reported that its Kazakhstan parent reduced its ownership in BTA Bank (Ukraine) from 49.99 percent to 9.99 percent, a report which BTA Kazakhstan promptly denied. Additionally, the Ukraininan subsidiary renamed the bank to AMT Bank, a move currently contested in court by BTA Kazakhstan.
This has led local analysts to warn of possible attempts by the BTA’s former management to take control of the bank’s overseas assets.
According to Renaissance analyst Milena Ivanova-Venturini, “asset stripping just before Samruk-Kazyna [Kazakhstan’s sovereign wealth fund] injected capital, effectively taking over BTA, has been one of our concerns for a while. The legal complexity and the web of ownership structures across BTA subsidiaries is anything but transparent, and we may yet hear of more such ‘changes’.”