Banking crisis in Kazakhstan

17.02.2010 (15:00)

in AKA Ausfuhrkredit-Gesesllschaft m.b.H.. Große Gallusstraße 1-7, 60311 Frankfurt am Main. Event Centre, 6th floor.

Kazakhstan experienced a dramatic crisis in its banking sector in 2009. Three of the country’s largest financial institutions are currently not servicing their foreign liabilities, including BTA Bank as the country’s largest bank. The Kazakh state supports the banks, but only to a certain extent. Foreign creditors have to waive substantial claims in restructuring negotiations, even though state institutions are among the banks’ most significant shareholders. In the midst of the crisis, a law on bank restructuring was passed that severely restricts the rights of creditors.

A conference fee will be charged for attending the event. It is € 50 for members of the VDRW; € 100 for guests.