Published: July 24, 2013
Sovereign fund rep steps down as chairman of Kazakh bank, to be replaced by deputy Beisenbayev.
BTA Bank, a troubled Kazakh bank that underwent extensive restructuring under government ownership, has named a new acting chairman after a representative from the sovereign fund left the role.
Yerik Balapanov of Samruk-Kazyna, the state fund through which several bail-outs of Kazakh banks have been completed during recent years, will be replaced by Askhat Beisenbayev, currently first deputy chairman.
In a statement, Umirzak Shukeyev, chairman of Samruk-Kazyna, said: “Largely owing to efforts of Yerik Balapanov as a crisis manager and his team we managed to achieve the strategic goals such of completion of the second restructuring of BTA’s liabilities to its creditors and ensure development of the financial institution.”