Former presidential advisor rumored to take control over BTA Bank

business and economy

Former presidential advisor rumored to take control over BTA Bank

By SRI ⋅ January 12, 2009 ⋅

(KazTAG) - Bulat Utemuratov, one of Kazakhstan’s seven billionaires, will buy 26 percent of ordinary (voting) shares in BTA bank, Kazakhstan’s largest bank, a source in the banking community of Kazakhstan told KazTAG.

He said that the transaction was not finalized but the decision was made. The source has no information on the bargain’s details.

“The agreement about purchase of 26 percent in BTA was reached in end of 2008. Bulat Utemuratov, taking into account 25 percent of the state’s stake in the bank, will gain full control over BTA”, the source said.

He said that Utemuratov, in all the likelihood, would soon be the head of BTA’s board of directors.

“Do not believe”, was the comment from BTA bank’s president Roman Solodchenko to KazTAG concerning this information.

“We are not engaged in talks with Bulat Utemuratov about purchase”, he said reminding that he was not the bank’s shareholder.

As known, Utemuratov has not received any official appointment. At the end of 2008, he told KazTAG that he would be extraordinary advisor of the president.

It is also known that in 2007, Utemuratov sold a controlling stake in ATF bank to Italian UniCRedit Group for over USD2 billion.