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Kazakhstan announces $7.5 bln bailout of top lender Kazkommertsbank
March 15, 2017 / 1:04 PM / 9 months ago

Kazakhstan announces $7.5 bln bailout of top lender Kazkommertsbank

ALMATY, March 15 (Reuters) - Kazakhstan’s state-run “bad bank” will buy assets worth 2.4 trillion tenge ($7.5 billion) from Kazkommertsbank, the biggest local lender by assets, the central bank said on Wednesday.

Kazkommertsbank, which has provisionally agreed to be taken over by rival Halyk Bank following the sale of bad assets, will not restructure any of its debt, deputy central bank chairman Oleg Smolyakov told reporters. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Alexander Winning)

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