Published: October 11, 2012
Kazakh bank to clean balance sheet by offloading “doubtful assets”.
Kazakhstan’s Halyk Bank will set up a subsidiary to take on what its management team refers to as “doubtful and bad assets”.
The subsidiary, Halyk Project, will operate under a framework set up last year by the National Bank of the Republic of Kazakhstan to improve the asset quality of commercial banks.
Earlier this year Halyk CEO Umut Shayakhmetova told EMEA Finance that cleaning the bank’s balance sheet was a strategic priority for 2012.