Support The Moscow Times!

Kazakhs Shun Banks

ALMATY — Kazakhstan's central bank "blacklisted" Morgan Stanley and Goldman Sachs Group as the government selects banks to manage initial public offerings of the nation's biggest companies, chairman Grigory Marchenko said Wednesday.

The National Bank of Kazakhstan will shun Morgan Stanley because of its actions when BTA Bank, once Kazakhstan's largest lender, defaulted on $12 billion of debt in 2009, Marchenko said, adding that the regulator "will make its position known" as the state is planning so-called people's IPOs.

The central bank's refusal to do business with Goldman is "only partly" linked to BTA's restructuring, he said. "We, as the National Bank, don't want to work with these two institutions," Marchenko said. "Trust is the most important thing for a financial institution."


… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more