Equities

Kazakhstan urgently looking for bank to take over Tsesnabank

Kazakhstan urgently looking for bank to take over Tsesnabank

Reuters exclusively reported that Kazakh authorities are urgently looking for a bank to take over no. 2 lender Tsesnabank as they believe it needs new financing to prevent a collapse. Officials from the government and central bank have approached at least three other Kazakh banks and hope to tie up a deal in February. They are offering financial incentives for any bank prepared to take it over in an effort to avoid liquidating the bank, which has over $1 billion in retail deposits and received a $1.8 billion state bailout in September, because of the impact on the wider economy.


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