Samruk-Kazyna Deputy Chairman Elena BAKHMUTOVA:
"WE ARE LOOKING AT ALL OPTIONS OF RAISING THE EFFIENCY OF ALLIANCE BANK AND TEMIRBANK, INCLUDING THEIR MERGER."
The topic of merger of some banks controlled by the Samruk-Kazyna state fund has been high on the agenda lately. Alliance Bank and Temirbank are considered the foremost candidates for such a move. The Deputy Chairman of Samruk-Kazyna's Management Board Elena BAKHMUTOVA has agreed to answer the questions of Interfax-Kazakhstan.
- Is Samruk-Kazyna considering the possibility of merging Alliance Bank and Temir Bank?
- We are looking at different options of raising the efficiency of the banks belonging to the Samruk-Kazyna fund. No decisions have been taken yet and all options are on the table.
When we come to a certain decision, we will make an announcement, but this is a very long and complicated process.
- When can we expect a final decision on the question?
- To take a final decision on merging Alliance Bank and Temirbank we have first to hold preliminary talks with the creditors regarding the terms of the merger. Any announcements may cause anxiety among the creditors. We cannot do anything without the creditors.
- Have you already begun talks with the creditors?
- No, we are just studying the options yet. We will begin the consultations, when we have a concrete subject to discuss.
So far this is just an intention. There are no specific changes worth announcing yet, because any announcements cause nervousness in the market.
What we want to do now is to raise the efficiency of both banks merging them if necessary.
- What other options are you looking at?
- We have considered selling Temirbank, but we gave up the idea. Under the terms of the bankТs restructuring the buyer must have a high rating and finding such a buyer is problematic given the current difficulties of the leading financial institutes.
- Samruk-Kazyna is the main shareholder of three commercial banks, which faced the problem of liquidity shortage during the crisis and were unable to meet their obligations. As a result, the banks were forced to restructure. What are you going to do with BTA Bank, which plans its second restructuring.
- Nothing is ruled out with regard to BTA, but first we need to complete the restructuring that has just begun.
Restructuring must be carried out in close coordination with the creditors or it will constitute a breach of Samruk-KazynaТs obligations.
- What are your plans towards the development institutes?
- The development institutes may also be restructured. We have no specific proposals here yet. Again, we want to raise the efficiency of the development institutes to enable them to implement the policies of the government and the Samruk-Kazyna fund more successfully.
- Do you consider merging the development institutes into one structure?
- It depends on the goals of each particular institute. Any merger should be justified and aim to produce concrete results. There should be no merger for mergerТs sake.
Note: The Samruk-Kazyna fund includes such development institutes as the Development Bank of Kazakhstan, Investment Fund of Kazakhstan, Damu Entrepreneurship Development Fund, Kazyna Capital Management, KazExportGarant and others?
- Is there a possibility of Samruk-Kazyna being split back into a company managing production and financial assets and a structure combining the development institutes?
- No, this is ruled out. No one is talking about any divisions.
Note: The Samruk-Kazyna fund was established in 2008 through the merger of the Kazyna Sustainable Development Fund (which included the development institutes) and the Samruk Holdingа Company for State Asset Management.
- Thank you for the interview!
February, 2012
й 2012 Interfax-Kazakhstan news agency
Copying and use of these materials without reference to the source is prohibited
February, 2012
© 2024 Interfax-Kazakhstan news agency
Copying and use of these materials without reference to the source is prohibited
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