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Samruk-Kazyna completes transfer of 716 billion tenge to second tier banks to finance Kazakh economy
Astana, February 27 2009
Samruk-Kazyna National Welfare Fund has already transferred all 716 billion tenge (current FOREX rate is 150.26/$1) to the second tier banks for financing the Kazakh economy, said the press office of Samruk-Kazyna.
According to a Friday statement, in pursuance of the program for stabilization of Kazakhstan's financial system four banks received public monies in the amount of 476 billion tenge: BTA Bank 212 billion tenge, Kazkommertsbank 120 billion tenge, Halyk Bank 120 billion tenge and Alliance Bank 24 billion tenge.
"The funds that are meant for BTA Bank will be used to purchase 75.1% of common shares of the bank for the government to become a major shareholder in the bank," according to the statement.
The funds for KKB will be deposited. "36 billion tenge out of these will be spent to buy a 25% stake in the bank, 84 billion tenge will be used to finance the real sector in accordance with the additional agreement signed by the National Welfare Fund and the bank," the statement runs.
120 billion tenge was deposited with Halyk Bank. "60 billion tenge out of this will go to purchase a 25% stake, 60 billion tenge to finance the real sector of the national economy," the statement reads.
According to Samruk-Kazyna, KKB and Halyk Bank will hold general meetings of the shareholders to finalize the purchase of stakes in these banks by the government.
The 24 billion tenge provided to support Alliance Bank was deposited.
Besides, according to the statement, within the SMB support program and in pursuance of the agreement signed on February 14, twelve second-tier banks received monies through Damu Entrepreneurship Promotion Fund during February 16-26.
"120 billion tenge has been provided to finance the small- and medium businesses through banks and financial organizations as follows: Kazkommertsbank 16 billion tenge, Halyk Bank 11.7 billion tenge, BTA Bank 22 billion tenge, Alliance Bank 18 billion tenge, ATF Bank 10 billion tenge, CenterCredit Bank 10 billion tenge, Kaspi Bank 6 billion tenge, Eurasian Bank 3 billion tenge, TsesnaBank 3.3 billion tenge, Nurbank 8 billion tenge, Bank Astana-Finance 3 billion tenge, Kazakhstan-based subsidiary of Sberbank 6 billion tenge, Damu 3 billion tenge," according to the statement.