Kazkommertsbank, Kazakhstan’s biggest by assets, plans to merge with BTA Bank after reaching a preliminary agreement in a consortium with businessman Kenges Rakishev to buy state shares in the twice-defaulted lender.
In a Muslim cemetery on a hill above Almaty, Kazakhstan’s largest city, a bronze bust of Erzhan Tatishev faces away from the headquarters of the bank he once led. It’s a fitting final gesture for BTA Bank JSC’s first chief executive officer, who died of a gunshot wound while hunting wolves near the Kyrgyzstan border in 2004.
Pension fund companies in Kazakhstan should sell shares on public stock markets to allow them to meet new requirements that take effect in the coming years, the head of the country’s market watchdog said.
Kazakhstan will consolidate state stakes in BTA Bank, Temirbank and Alliance Bank, three of the four Kazakh lenders that defaulted in 2009, in a new management company, central bank Chairman Grigori Marchenko said.