Middle East Economic Survey

VOL. LII

No 8

23-Feb-2009

CASPIAN

BTA To Ask For Deferral Of Debt Repayment

Kazakhstans BTA Bank has asked creditors to defer their demands for an early repayment of debts following partial nationalization. BTA was Kazakhstans largest private bank, but was 75% nationalized at a cost of $2bn earlier this month. The state takeover enables some BTA creditors to demand early debt repayment because of loan agreement clauses known as change-of-control covenants. BTA CEO Anvar...