Goldman Sachs resigns as adviser to BTA03.07.2009
BTA Bank JSC (“BTA”) today announced that Goldman Sachs has resigned as restructuring adviser to the company. “BTA thanks Goldman Sachs for its counsel and recommendations provided to date,” said Anvar Saidenov, CEO of BTA Bank.
BTA will continue to work with UBS on debt restructuring program, while White & Case will continue to be bank’s legal advisor, and Lovells LLP will consult on asset recovery for BTA. Part of BTA bank advisory team includes M. Favale-Tarter, LLC and John Howell & Co, independent advisers, advising Samruk-Kazyna and the government on the financial architecture and strategy with regard to BTA and Alliance.
BTA expects to reveal the terms of the restructuring plan by mid-July of 2009.
BTA Group is a leading banking network in the CIS.
The network of BTA’s partner banks extends to Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA’s representative offices operate in Russia, Ukraine, China, and UAE.
The bank has one of the largest branch networks in Kazakhstan (22 branches with 269 service locations) along with an extensive chain of ATMs (864) and self-service terminals (160). BTA serves over 1 million retail and 130,000 corporate customers.
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