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CORRECTED-Kazakh Alliance Bank debt restructuring talks break down
May 29, 2014 / 2:26 PM / 3 years ago

CORRECTED-Kazakh Alliance Bank debt restructuring talks break down

(Corrects Samruk-Kazyna’s stake in Alliance in para 4 to 51 pct, not 67 pct)

LONDON, May 29 (Reuters) - Talks with creditors of Kazakhstan’s wealth fund-controlled Alliance Bank have broken down without agreement, the bank’s chief executive said on Thursday.

“Negotiations have broken down, no agreement was reached,” Timur Isatayev told Reuters by telephone.

The bank met a creditor committee over the past two days and offered improved terms compared with an initial debt restructuring offer made in January, Isatayev said.

Alliance is 51 percent owned by local sovereign wealth fund Samruk-Kazyna, which has reduced its stake in recent weeks.

The banking sector of the oil-producing Central Asian nation of 17 million was among the first and hardest hit by the global crisis owing to its overexposure to external borrowing and the bloated real estate market. (Reporting by Carolyn Cohn; editing by Sujata Rao)

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