Halyk Bank to liquidate $500 m. foreign debt in 2009

/INTERFAX-KAZAKHSTAN, Almaty, February 3, 09/ - Kazakhstan commercial Halyk Bank should liquidate $500 m. foreign debt in 2009. "During 2009 we have the following liquidations: one $300 m. syndicated loan, borrowed last year. The credit was borrowed for one year. In October we should liquidated $200 m. public Eurobond, borrowed in 2004" the Vice- Chairman of he Board of Halyk Bank Dauren Karabaev said on press conference on Tuesday in Almaty. According to him, bank's foreign borrowings make $3.6 bn. According to Karabaev, "liquidations are strictly divided for years". "We have information that Halyk Bank may be borrowed on foreign markets, but rates remain high and that's why its not interested for us for the current moment" - Karabaev noted. "The issue on appearing demands on the side of creditors regarding prescheduled maturity of debt were aroused while concluding deal with the state fund Samruk-Kazyna, but we made agreement in such a way with Samruk-Kazyna and launched all procedures and hope they won't have such demands" - he also noted. In this regard, D. Karabaev explained "if there is a change in bank's management, we have nationalization or something more, creditors are appeared to have formal right to demand prescheduled maturity". "But we should take into account, when such strong shareholder as the Government or state fund enter the bank's capital, it's actually a good news for creditors" - he noted, adding that in particularly, state fund Samruk- Kazyna enters the capital of Halyk Bank for 5 year term. The Chairman of the Board of Halyk Bank Umit Shayakhmetova, in its turn, informed that last Friday the bank received two term deposits fro KZT120 bn. (KZT121.87/USD1) from Samruk-Kazyna. Early informed that the National Welfare Fund Samruk-Kazyna plans to finish recapitalization of four system banks of republic (Alliance Bank, BTA Bank, Halyk Bank and Kazkommertsbank) by the mid March 2009. At the end of November last year, Samruk-Kazyna signed memorandum on mutual understanding with these banks on their additional capitalization, where main principals of Government's participation in the capital were agreed. At the end of October, Kazakhstan Government offered shareholders of these banks to inflow additional assets in their shareholders equity. At that, participation of Samruk-Kazyna shouldn't exceed 25 %. Banks accepted the offer. Halyk Bank according to results of the first half of 2008 was ranked the fifteenth on assets volume among CIS banks and the third among 35 commercial banks of Kazakhstan in the Interfax-1000 CIS banks ranking complied by Interfax-CEA. [2009-02-04]