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The Reuters, February 5, 2009, by Olzhas AUYEZOV, UPDATE 3-KAZAKH BANK ALLIANCE SEEKS COVENANT WAIVERSKazakhstan's No.4 bank Alliance (ссылка скрыта), effectively nationalised this week, said on Thursday it had asked its creditors not to demand early debt repayment due to the change of its majority shareholder. Investment bank UBS (ссылка скрыта) (ссылка скрыта) said on Wednesday it was ceasing coverage of Alliance because it believed the government takeover had triggered change of control covenants on Alliance's loans, allowing creditors to require early debt settlement. The government took over Alliance this week after its key shareholder, SAFC, gave up most of its stake saying it could not maintain Alliance's capitalisation and financial stability in the long run. Alliance Managing Director Anvar Khaltayev told Reuters the deal with the government had not been closed and therefore the covenants could not have been technically triggered. "Alliance bank is currently involved in legal work on getting waivers from foreign investors," Khaltayev said. Asked how long it could take to get the waivers, he said: "It's hard to say. There are no exact dates." Khaltayev also said Alliance's failure to clear its forex trading position on the Kazakh stock exchange a day earlier was a result of a technical glitch in the settlement system. The bank missed a payment of just above $3 million. Alliance said later in a separate statement it completed the payment on Thursday. Kazakhstan's largest bank BTA BTAS.KZ, also nationalised this week, had earlier said the government buyout would not trigger early repayment claims on its debt. Some analysts said they wanted more clarity on the situation. "If BTA decides to challenge the view of change of control, they will probably ask for a waiver from the main creditors," Commerzbank said in a note. "For the ones who accept the waiver, terms of the debt facilities stay as they are. For the ones who decide not to accept the waiver, a potential loan-restructuring might be the next step (i.e. new loan, higher yields, shorter tenor)." The Reuters, February 4, 2009, By Olzhas AUYEZOV, Maria GOLOVNINA, KAZAKH C.BANK TO ALLOW TENGE TO WEAKEN, CUTS KEY RATEKazakhstan's central bank said on Wednesday it would stop supporting the tenge currency within its previous corridor and allow the national currency to depreciate to around 150 against the dollar. That would mark a drop of about 18 percent from Tuesday's trading session. The central bank also decided to cut its refinancing rate to 9.5 percent from Feb. 5 from a previous level of 10 percent, Central Bank Chairman Grigory Marchenko said in a statement. The Reuters, February 3, 2009, by Olzhas AUYEZOV, KAZAKH GOVT TAKES OVER ALLIANCE BANKThe Kazakh government has agreed to buy a 76 percent stake in Alliance Bank (ссылка скрыта) for a less than a dollar as part of its bailout of the country's troubled banking sector, Alliance said on Tuesday. Alliance said earlier this week its key shareholder, SAFC, had effectively offered the government most of its holdings for free after deciding it would be unable to maintain the bank's capitalisation and stability in the long run. Retail-focused Alliance, Kazakhstan's No.4 bank, has been hit hard by the global crisis due to its reliance on foreign debt and rapid credit expansion in the last few years. "The transaction (between SAFC and the government) has already been conducted," Alliance Managing Director Anvar Khaltayev told a conference call. SAFC will keep an 8 percent stake in the bank, with the remaining shares in free float traded in London and domestically. Khaltayev said the bank was seeking legal advice to determine if the bailout should trigger a change of control covenant, a widespread clause in debt deals allowing creditors of companies that are taken over to demand early repayment from the new owners. He also said it was unclear how much the state would invest in Alliance. The government has so far transferred a total of $200 million to the bank to prop up its liquidity. "It will take about three months to make everything clear," Khaltayev said. The government, which has earmarked $21 billion to fight the crisis and boost economic growth, has also taken over the country's largest bank BTA BTAS.KZ and is buying 25 percent stakes in Kazkommertsbank (ссылка скрыта) and Halyk (ссылка скрыта). The Reuters (USA), February 2, 2009, By Raushan NURSHAYEVA, KAZAKHSTAN TO NATIONALIZE TOP BANKS AS CRISIS BITESKazakhstan announced plans on Monday to effectively nationalize two of its leading banks as the global financial crisis tightened its grip on Central Asia's biggest economy. The government said it will buy 78.14 percent of shares in the biggest bank, BTA, which has assets of $28 billion. BTA, like most local banks, has suffered as a result of the global credit crunch which ended oil-producing Kazakhstan's double-digit economic growth and crippled its once-vibrant banking industry. Adding political undertones to the shake-up in the ailing banking sector, the state financial regulator dismissed Mukhtar Ablyazov, BTA chairman and a former opposition leader, as part of the takeover. Separately, the government said it was looking to rescue No.4 bank Alliance Bank by buying 76 percent of the shares belonging to its main shareholder for a symbolic sum of less than $1. It also said it would deposit $200 million into Alliance accounts to boost its liquidity and help it stay afloat. Thanks to years of uninterrupted economic boom and windfall oil revenues, Kazakhstan grew into Central Asia's biggest economy over past years and boasted growth of around 10 percent a year between 2000 and 2007. But with recession looming over its economy, bad economic times represent a worry to President Nursultan Nazarbayev who, while being criticized in the West for tolerating no dissent, has been popular at home due to rising incomes. In a statement, the government said Ablyazov was dismissed as BTA chairman as his work had violated "the interests of bank depositors and creditors as well as existing legislation.." Ablyazov, who was briefly jailed on corruption accusations in 2002, was one of the founding fathers of a major Kazakh opposition party. He has since left politics to focus on finance and became a top figure in Kazakh banking. His departure heralds a shift of power in Kazakh business, a worrying trend for foreign investors relying on continuity of policy and balance of power in Kazakhstan's $100 billion economy. Ablyazov could not be reached for comment. NATIONALISATION? The government, however, warned against describing Monday's announcements as nationalization, saying it would acquire BTA shares only on a temporary basis. "This measure is not nationalization, it is temporary according to existing Kazakh legislation which stipulates that the government will eventually exit its shareholder base," the government statement said. Indeed, Prime Minister Karim Masimov told a cabinet meeting earlier that Kazakhstan may sell part of its BTA stake once the transaction was over, adding the government was in talks with Russia's Sberbank on this. Kairat Kelimbetov, head of the state Samruk-Kazyna holding, said the government would transfer $1.75 billion to BTA as part of the planned takeover. Kazakhstan has proposed partially nationalizing the four biggest banks to help them withstand the global financial crisis, but some investors worry the measure may lead to tighter state regulation or further nationalization. Two other big local banks, Kazkommertsbank and Halyk, have already agreed on terms to sell about 25 percent of their shares to the state. |