Client Alert
| September 1, 2009
Bank Insolvency in Kazakhstan
BTA Bank and Alliance Bank, two of Kazakhstan's four largest banks, have been in international headlines for almost a year due to their precarious financial positions. It can be said that these banks still exist today only because of the Kazakhstan government's "too big to fail" policy toward them. The Kazakhstan government has now imposed a deadline on BTA Bank to complete its debt restructuring by September 18, 2009, notwithstanding the negative impact on the country’s reputation in the eyes of Western investors.
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