Kazakhstan’s sovereign wealth fund Samruk-Kazyna said it’s scrapping a planned acquisition of three pension funds controlled by commercial lenders after Halyk Bank halted talks on buying the government’s shares in BTA Bank.
Kazakh President Nursultan Nazarbayev named his deputy chief of staff as finance minister and deputy premier after faulting the government for its shortcomings on spending policy and fighting the shadow economy.
Kazakhstan, Central Asia’s biggest energy producer, is pushing ahead with plans to sell shares to citizens in initial public offerings, even with the current global market turmoil, Economic Development and Trade Minister Kairat Kelimbetov said.
Kairat Kelimbetov, a deputy prime minister who led the nationalization of failing Kazakh lenders in 2009 as the chief of the country’s sovereign wealth fund, will replace Grigori Marchenko as central bank governor.
Kazakhstan plans to sell 5 percent to 10 percent of the shares in major state-owned companies to its citizens through “people’s IPOs” that will start in October, said Economic Development and Trade Minister Kairat Kelimbetov .