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$7.5b Bailout

$7.5b Bailout$7.5b Bailout

Kazakhstan’s state-run “bad bank” will buy 2.4 trillion tenge ($7.5 billion) of bad loans from Kazkommertsbank, the country’s biggest lender by assets, paving the way for a takeover by its closest rival, the central bank said on Wednesday, Reuters reported. The central bank said earlier this month the authorities planned to support the purchase of Kazkommertsbank by Halyk Bank, but did not give a figure for the sum involved. Kazakhstan has struggled to recover from the financial crisis of the late 2000s and the banking sector has been beset by bad loans since the sharp slide in the price of oil, the Central Asian country’s main export.

 

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