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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment, Market

Kazakhstan’s BTA Bank completes profitable restructuring

Posted on 03 September 2010

From Centralasianewswire.com: The Samruk-Kazyna sovereign wealth fund owns 81 percent of BTA, a stake it said it wants to sell within three years. Creditors own most of the other 19 percent. Samruk-Kazyna’s takeover of BTA actually triggered the bank’s default, industry insiders said.
The American investment company Morgan Stanley and another of the bank’s creditors used the takeover to invoke a change-of-ownership clause in their debt agreements with BTA. Under the clause, the two creditors demanded early repayment of their debt – on April 14, 2009……………………………………….Full Article: Source

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