The government in Kazakhstan is mulling a generous rescue plan for a collapsing bank that the president only days ago described as being run by “thieves.”
Under the solution presented on November 7, the National Bank will enlist copper miner Kazakhmys to recapitalize RBK Bank to the tune of 160 billion tenge ($480 million). The regulator is also studying a request from the bank to inject a further 240 billion tenge ($720 million).
National Bank chairman Daniyar Akishev said that in a parallel operation, 600 billion tenge ($1.8 billion) in bad debts at RBK will be transferred to the books of a specially created vehicle. It is not yet clear who is to administer or fund that entity.
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