Kazakh bank Halyk in $643 mln preferred stock sale

MOSCOW, April 27 (Reuters) - Kazakhstan's third largest bank Halyk (HSBKq.L) plans to raise $643 million by selling preference shares, it said on Monday.

Halyk said earlier this month the government, which had bought 21 percent of its ordinary shares, would buy preferred stock worth $219 million as part of its efforts to boost the crisis-hit banking sector's capital.

In line with Kazakh corporate laws, Halyk is first offering the paper to the existing holders of preference shares, it said in a statement.

Kazakh banks have been hit hard by the global crisis after years of rapid growth. In February, the government took over Kazakhstan's largest bank BTA BTAS.KZ and said it would buy a majority stake in No.4 bank Alliance (ALLBq.L).

It is also buying a stake of up to 25 percent in second largest bank Kazkommertsbank (KKGByq.L). (Writing by Olzhas Auyezov; Editing by David Holmes)