It’s official, the whole world is getting a bailout.
Reuters: The government of Kazakhstan and the nation’s four largest banks have agreed terms for at least $3.47 billion in capital injections to counter the impact of the global credit crisis, the state-owned SamrukKazyna fund said on Tuesday.
Analysts say the banks need to boost reserves against loan losses and face about $12 billion of foreign debt repayments next year amid tight refinancing conditions.
“The price of shares will be defined as their market value as of October 24 on the London Stock Exchange for Kazkommertsbank, Alliance and Halyk and on the Kazakh Stock Exchange for BTA,” SamrukKazyna Chief Executive Kairat Kelimbetov told reporters.
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