Baku, Azerbaijan, April 10
By Elena Kosolapova - Trend:
Kazakhstan's national welfare fund Samruk-Kazyna JSC will implement sale transactions of second-tier banks BTA Bank, Alliance Bank and Temir Bank, which are included in its structure, Financial Director and Member of the Board of the fund, Nurlan Rakhmetov said.
Today, the conditions precedent are used in the transactions, he said.
"Alienation of shares of the bank always takes place by the government decree. It was issued, and we have implemented these conditions precedent on the transaction on the sale of Alliance Bank and Temir Bank to Mr [Bulat] Utemuratov from our side," Rakhmetov said.
"But the change of ownership has not happened yet, because additional conditions have not yet been implemented, "- he added.
Rakhmetov reminded that at the first stage of this transaction, Samruk-Kazyna sells all the existing shares of Temir Bank and 16 percent of the Alliance Bank shares and keeps 51 percent of the latter.
After obtaining of appropriate consent these banks will be merged with Fortebank, which belongs to Utemuratov.
Samruk-Kazyna will have a certain amount of shares in this new bank at the expense of saved shares in the Alliance Bank. And in accordance with the option agreement on the second phase of the transaction, these shares will be bought out by the new owner within five years.
Regarding the sale of BTA Bank, the conditions precedent of the sale transaction have not been implemented yet.
"All the contracts have been signed. The execution of the conditions precedent has started. A decree, which would approve the deal will be issued in the near future," Rakhmetov said.
Samruk-Kazyna implements an exit from the capital of second-tier banks in accordance with the presidential decree.
Translated by S.I.
Edited by S.I.