Samruk-Kazyna to Shed Bank Stakes

astanaAtentative agreement has been reached between Kazakhstan sovereign wealth fund Samruk-Kazyna and billionaire mining titan Bulat Utemuratov for the sale of the fund’s stake in Temirbank as well as some of its stake in Alliance Bank JSC, according to a statement. The public institutional investor will retain a majority stake in Alliance Bank.

The wealth fund had purchased controlling stakes in the banks to assist in their “anti-crises” efforts. However, directives from the Kazakh President Nursultan Nazarbayev to sell the stakes were issued in February. According to Deputy Chairman of the Board of Samruk-Kazyna Helena Bakhmutova, the selloff is appropriate and well timed.

“Phase-out of the Fund’s capital of commercial banks is a logical step in the implementation of anti-crisis measures and can have a positive impact on the financial market,” she said in a statement.

Details of the transaction aren’t being made public until the agreement is fully executed.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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