BAKU, Azerbaijan, June 10. Kazakh government is eyeing to purchase Sberbank Kazakhstan, the Russian parent bank of which has been hit by sanctions, President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso told reporters, Trend reports citing Kazakh media.
She noted that Kazakh government, represented by the Baiterek National Management Holding, is holding discussions with Russian government in this regard.
She noted that although EBRD is not a part of negotiations, the organization could help capitalize the bank.
Earlier this year, Madina Abylkassymova, Head of Kazakhstan’s Agency for the Regulation and Development of the Financial Market said that Kazakhstan’s subsidiaries of Russian Sberbank and VTB banks are to be sold to a new owner.
In her words, due to the damage associated with the sanctions imposed on the parent banks, Sberbank Kazakhstan and VTB Kazakhstan are taking steps to look for new investors for the change in the bank’s owner.
To date, Sberbank Kazakhstan has already sold a share of its loan portfolio worth 330 billion tenge ($760.3 million) to Kazakhstan’s Halyk Bank.
