(Adds Shukeyev comments from second paragraph.)
Feb. 3 (Bloomberg) -- Kazakhstan’s sovereign wellbeing fund Samruk-Kazyna said it will support BTA Bank’s proposed debt restructuring and the situation at the lender will be stabilized, according to Umirzak Shukeyev, who heads the fund.
The “financial condition” of the bank makes it “clear” that “BTA needs the second debt restructuring,” Shukeyev told reporters today in the capital, Astana. “We will discuss this with creditors and first of all we should make the principal decision about the necessity of this restructuring with them,” he said. “Samruk-Kazyna is ready for injections into BTA, but creditors must do it too.”
BTA Bank said Jan. 26 it will push ahead with debt restructuring talks even after failing to gain sufficient votes from holders of global depositary receipts to begin the process. The lender missed a coupon payment at the start of January on its July 2018 dollar bonds. It has pledged to exempt depositors from restructuring.
“We must support the bank, which means opening new deposits and accounts there,” Shukeyev said.
--Editors: Zoe Schneeweiss, Torrey Clark
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