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Kazakh bank Halyk says to sell its pension fund by year-end
June 18, 2013 / 7:08 AM / 4 years ago

Kazakh bank Halyk says to sell its pension fund by year-end

ALMATY, June 18 (Reuters) - Kazakhstan’s Halyk Bank , the Central Asian nation’s largest lender by assets, expects to sell its pension fund by the end of this year, board Chairman Alexander Pavlov said on Tuesday.

J.P. Morgan Chase has valued Halyk’s private pension fund at between $576 million and $715 million, Pavlov told reporters. He said the bank is now expecting the government to give its own estimate of the fund’s value.

Kazakh President Nursultan Nazarbayev ordered the government in January to nationalise the country’s pension system by merging the assets of private pension funds into a single state-owned fund to support fast economic growth.

Reporting by Mariya Gordeyeva; Writing by Dmitry Solovyov; Editing by David Goodman

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