KAZAKH GOVERNMENT BUYS SHARES OF KAZAKH BTA BANK
ARKA
Feb 12, 2009
YEREVAN, February 12. /ARKA/. Kazakh Government represented by
Samruk-Kazina National Welfare Fund has bought shares of Kazakh
BTA Bank.
As reported from press-centre of BTA Bank Armenia, the parent bank’s
leadership views the state participation in the capital as strong
support from Kazakh government. This support shows that BTA Bank
enjoys recognition in the country’s economy.
The report says that the replacement of shareholders and changes in
the composition of BTA Bank’s Board and directorial board will have
absolutely no impact on the activity and development plans of BTA
Bank Armenia.
BTA Bank along with subsidiaries and dependent organizations, which
operate in accordance with regulatory regimes of those countries where
they function, will keep operating in a normal regime, said Yelena
Bakhmutova, chair of Kazakhstan’s agency supervising and regulating
financial market.
According to the report, BTA Bank Armenia will keep implementing
its programs on expanding successful market activities in the
country, offering a wide range of high-quality banking services and
developing ties with corporate clients, small and mid-size companies
and individuals.
Nur Bakbergenov, chairman of BTA Bank’s board, said additional
capitalization of the Kazakh bank would strengthen the Armenian bank
and give a new impetus to the activity of one of the biggest financi
al institutions of Commonwealth of Independent States in Armenia.
On February 2, 2009, Kazakh Government accepted the proposal of
Kazakhstan’s agency supervising and regulating financial market to
buy the control package of BTA Bank’s shares as part of the stimulus
for financial sector.
The purchase effected through an additional issue. As a result,
the bank enlarged its capital by the sum exceeding $2 billion.
Arman Dunaev, chairman of BTA Bank’s directorial board, said the
money has already reached a special account in National Bank of
Kazakhstan.