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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment

Samruk-Kazyna to shed bank stakes

Posted on 14 October 2013

A tentative 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………………………………………..Full Article: Source


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