BTA Bank
BTA Bank ( Kazakh БТА Банкі ) is a bank in Kazakhstan with its headquarters in the former capital Almaty. In the wake of the financial crisis, the BTA Bank had to be nationalized in February 2009.
Activities
The Bank operates in corporate and retail banking and other sectors of the financial industry. The Russian АМТ Bank and the Kazakh Temirbank include the bank. The BTA Bank has subsidiaries in Georgia, Belarus, Armenia, Ukraine and Turkey. In addition, the BTA Bank has several other financial companies in their possession.
History
Beginnings of the Bank
The history of BTA Bank goes back to the year 1925, when the Russian Prombank opened a department in Kazakhstan. On 7 June 1932, decided by decree of the Government of the Kazakh SSR to open a regional bank branch in Almaty on the basis of the assets of Prombank. This should be used mainly to finance the development of the construction and electricity industry.
On 4 March 1991, the Kazakh Nationwide Bank Promstroybank of the USSR Kazakh Nationwide Bank of State -Owned Commercial Industrial Construction Bank Turan Bank has been renamed. In the same year she was converted by the government of the Kazakh SSR in a closed joint stock company by the name of Turan Bank. On 15 January 1997, the Bank TuranAlem from the Alem Bank and Turan Bank was established by decision of the government through a merger. On 1 October 1998, the Bank was transformed into an open joint stock company.
In February 2008, the Bank has introduced a new corporate branding and renamed BTA Bank.
Financial crisis
In the wake of the global financial crisis, the BTA Bank came into considerable difficulties. In early 2008, the institute was insolvent because it had accumulated 17 billion dollars in debt. In order to protect the bank from bankruptcy, the company Samruk - Kazyna state development old shares of BTA Bank bought and new shares issued. On 20 April 2009, the Bank had finally stopped all debt repayments, after the rating agency Standard & Poor's lowered the credit rating to the lowest level D. On September 25, the common shares on the Kazakhstan Stock Exchange were suspended from trading.
The following restructuring was after Lehman Brothers and Dubai World restructuring one of the largest financial institution in the financial crisis. Today the creditors together hold 18.5 percent stake in the bank, the remaining part belongs to the state fund Samruk Kazyna -.