Kazakh government buys shares of Kazakh BTA bank

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 financial 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.-0---