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Kazakh bank sells IBA’s $15M-bonds

The People's Bank of Kazakhstan had International Bank of Azerbaijan’s bonds in its portfolio, but bank’s subsidiary Halyk Group sold the securities after Azerbaijan’s banking sector worsened two years ago, Chairman of Management Board of the People's Bank of Kazakhstan Umut Shayakhmetova said, APA-Economics reports citing to Informburo agency.

“We closed positions in late 2014 - early 2015 without any losses. We saw the risk. OUR risk-management’s policy does not allow to purchase more than 15% of total issuance. According to my information, the 'Unified Accumulative Pension Fund’ JSC has acquired more than 50% of issued securities. As a banker or asset manager, I cannot understand reason of acquirement of securities in this volume”, she said.

 

Her deputy Yertay Salimov noted that Halyk Group invested $15 million in IBA’s securities: “But we could earn from this transaction”.

 

'Unified Accumulative Pension Fund’ JSC  has invested 71.3 billion Tenge (AZN 392 million) in IBA’s bonds.

 

 

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