State bailed out BTA Bank - N. Nazarbayev
ASTANA. February 12. KAZINFORM /Aigul Tulekbayeva/ Today at the enlarged session of the Bureau of the Political Council of «Nur Otan» People’s Democratic Party Head of the State Nursultan Nazarbayev said the state had bailed out «BTA Bank» JSC, Kazinform reports. «If the Government, «SamrukKazyna» National Welfare Fund did not take measures in this direction the BTA Bank would have to announce bankruptcy», the President said. According to member of the Board of Directors of BTA Anvar Saidenov, this would cause great social effect. The situation in BTA complicated in late 2008 when the bank secured internal and external payments due to the loans of the National Bank. A.Saidenov considers the measures of the Financial Supervision Agency as timely ones. As is known, the decision of the Government of Kazakhstan on purchase of shares of «BTA Bank» JSC (78.14% of shares) was made in order to protect its depositors. «SamrukKazyna» National Welfare Fund will provide additional capitalization of the bank to the amount of KZT 251.3 bln. This measure is directed to continuous functioning of this one of the major banks of the country.