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Kyrgyzstan sells 7.7% shares in BTA Bank to Kazakhstan's BTA Bank.

The State Property Management Fund of Kyrgyzstan said it has sold 7.7% shares in the BTA Bank to Kazakhstan's BTA Bank for 177.6 million som.

The parties settled their arbitration dispute in March by peaceful means.

According to the terms of agreement, BTA Bank of Kazakhstan bought shares of Kyrgyzstan in BTA Bank for 177.62 million som, which were channeled to the state budget.

In 2011, BTA Bank sued Kyrgyzstan for alleged illegal acquisition of claimant's 71% shares in the bank by a Kyrgyz court. The claim amount was $75 million.

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Publication:AKIpress Central Asian News Service
Geographic Code:9KYRG
Date:Mar 13, 2018
Previous Article:Decrease in shares of Kyrgyzstan in BTA Bank from 15.4% to 7.7% was due to issuance of additional shares: Fund.
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