The New Bank Restructuring Law in Kazakhstan

November 3, 2009

The New Bank Restructuring Law in Kazakhstan (PDF, 80 Kb)

The banking system in Kazakhstan has been severely hit by the global financial crisis and over the past 18 months the authorities there have taken a number of steps to support it, culminating in the decision announced in November 2008 that Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, would invest US$3.5 billion in the four “systemic” banks – JSC Halyk Bank, JSC Kazkommertsbank, JSC BTA Bank and JSC Alliance Bank. Like many other countries, including the United Kingdom, Kazakhstan also enacted legislation enabling the authorities to take emergency measures in relation to its banks.