Support The Moscow Times!

Halyk to Sell Fund

ALMATY, June 18 — Kazakhstan's Halyk Bank, the Central Asian nation's largest lender, said Tuesday that it expected to sell its pension fund by the end of 2013, making clear it preferred cash to the government's offer of shares in state-run Bank BTA.

J.P. Morgan Chase has valued Halyk's private pension fund, Kazakhstan's largest pension fund by assets, at between $576 million and $715 million, Halyk Board Chairman Alexander Pavlov told reporters.

He said the bank was now expecting the government to give its own estimate of the fund's value.

Kazakh President Nursultan Nazarbayev ordered the government in January to nationalize the country's pension system by merging the assets of private pension funds into a single state-owned fund to support fast economic growth.

… 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.

Continue

Read more