?SamrukKazyna? to start financing country?s top four banks: K. Kelimbetov
18:51, 14 January 2009
ASTANA. January 14. KAZINFORM /Zauresh Balkenova/ Today at a press conference Chairman of ?SamrukKazyna? National Welfare Fund Kairat Kelimbetov said that from January-February of the current year the Fund would start financing the country?s top four banks by recapitalization program, Kazinform correspondent reports.
?We have started negotiating this issue with the banks not waiting for the results of auditing that we plan to conduct in order to conclude an agreement?, K. Kelimbetov said. This will be ?a short term deposit or a convertible loan? he added.
?In January-February we will start financing by the recapitalization program?, the Head of the Fund noted.
As Mr. Kelimbetov explained, the point at issue was USD 1 bln or purchase of 25% of shares in each bank. Namely this sum will be allotted in the nearest time. In whole, according to him, the program on recapitalization of the banks provides for USD 4 bln.
As earlier reported, the Government of Kazakhstan proposed the top four banks of the country (Alliance Bank, BTA Bank, Halyk Bank and Kazkommertsbank) to replenish their stock capital due to injections from ?SamrukKazyna? National Welfare Fund amounted to USD 5 bln.