Emerging Markets, Emerging Russia, Emerging Views
By Ivan Anderzhanov
Russia’s Aton Capital is to open offices in London and Almaty a year after the investment banking business was relaunched.
The Moscow-based equity brokerage is looking to expand further in the UK and Kazakhstan having already hired a 50-strong Moscow team , according to a report in Vedomosti.
Evgeny Yuriev, the president and founder of [...]
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By Rustam Botashev, Equity Analyst at UniCredit Securities
Kazakhstan’s Financial Supervisory Agency (FSA) published preliminary banking statistics for 2009.
Our view: The banking sector’s losses for the year totalled KZT 2,837bn ($19.1bn), or KZT 127bn ($0.9bn) excluding the two defaulted banks (BTA Bank and Alliance Bank).
Retail loans declined by 4.8% yoy and corporate loans rose by 7.3% [...]
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By Marcus Williams
Kazakhstan’s Eurasian Bank has bought a Troika Dialog subsidiary bank in Almaty for an undisclosed amount in a bid to expand its business abroad.
Eurasian is controlled by the principal owners of London-listed Kazakh mining company Eurasian Natural Resources Corp.
Troika, which sold a third stake to South Africa’s Standard Bank in March, bought the [...]
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By Jason Corcoran
Kazyna Capital Management, the private equity arm of Kazakhstan’s sovereign wealth fund, is combining with the European Bank for Reconstruction and Development (EBRD) to set up a $300m vehicle to invest in distressed companies.
The fund will focus on financing of companies experiencing problems with repaying their debt. Its main task will be debt [...]
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By Jason Corcoran
Mehmnet Dalman, the former head of investment banking at Germany’s Commerzbank, has been appointed to head a mergers and acquisitions committee at Kazakh miner Eurasian Natural Resources Company.
Dalman, a former hedge fund banker and reputed deal maker, had joined the board of London-listed ENRC in May last year as a non-executive director.
Analsyts said [...]
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By Ivan Anderzhanov in Moscow
Kazakhastan energy producer KazMunaiGaz is to acquire a 33% stake in PetroKazakhstan from its parent company KazMunaiGaz for $100.5mn and the assumption of $831mn of debt.
The board of of KMG received an opinion from Credit Suisse that the consideration to be paid for a stake in PetroKazakhstan is fair from the [...]
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By Ivan Anderzhanov in Moscow
The beleaguered bank BTA anounced today it had signed a memorandum of understanding (MOU) with its creditors’ steering committee, in a major step towards talks to restructure the Kazakh state bank’s $10bn in debt.
The MOU was developed following meetings that took place in London between BTA’s adviser and the steering committee [...]
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By Ivan Anderzhanov in Moscow
The English High Court has granted troubled Kazakh bank BTA a worldwide freezing injunction against the assets of former chairman Mukhtar Ablyazov and other former top managers.
The bank said in a press statement that it has started legal proceedings in the High Court against Ablyazov, Roman Solodchenko, the former chairman of [...]
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By Jason Corcoran in Moscow
Russia’s Renaissance Capital has been appointed as lead manager and bookrunner for a 20bn rouble bond ($612m) by conglomerate Sistema which caps a string of deals worth over $2bn during the past month.
The Sistema rouble bond is the biggest of the year and beats the recent 15 billion ruble ($485m) issue [...]
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By Rustam Botashev, Equity Analyst at Unicredit Securities
Total non-performing loans (NPLs) in Kazakhstan reached 30.8% as of 1 July, but a more manageable 14.4% excluding BTA and Alliance, and we expect a gradual economic recovery to keep banks from being washed away in an NPL flood.
The aggregate 30.8% figure [...]
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By Ivan Anderzhanov in Moscow.
Kazakhstan’s largest bank BTA has hired investment bank Lazard to replace Goldman Sachs as an adviser on the restructuring of its $15bn debt.
Lazard, which been advising Kazakhstan’s Alliance Bank joins UBS on the advisory team following Goldman’s decision to step down from its role less than two weeks ago.
BTA has [...]
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Investment bank Goldman Sachs has stepped down as an adviser to ailing BTA bank as the restructuring of Kazakhstan’s banking system staggers on.
A spokeswoman for BTA in Almaty told EmergingMarkets.me that Goldman Sachs would not be replaced for now and the Swiss bank UBS would carry on as the sole financial adviser.
BTA declined to say [...]
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