"It will take years, because there are a number of legal procedures that have to be carried out. We are just at the beginning of this process..."
BTA Bank, which has recently increased its bad loans provisions by $2.7 billion to $13.3 billion, said on Thursday it may recover KZT500 billion ($3.3 billion) from these provisions within the next several years.
BTA also said this week it may issue recovery notes to creditors as part of a debt restructuring deal.
“Around 500 billion tenge are supposed to be recovered from such assets (bad loans),” Anvar Saidenov, BTA’s chief executive officer, said. “By the nature of this process, progress is expected to be very slow. It will take years, because there are a number of legal procedures that have to be carried out. We are just at the beginning of this process.”
BTA has hired UK law firm Lovells LLP to advise it on debt recovery. The bank has also successfully applied to the London High Court to have the assets of former top managers frozen.
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