Central Asia’s largest economy is tipped by its central bank, the National Bank of Kazakhstan (NBK), to grow by 6% in 2013. But it retains one glaring weakness: its banks.
BTA, still suing its former chairman for mass fraud, remains on life support following last year’s bailout, the second in two years. Another Kazakh bank, ATF Bank, looks set to lose its majority owner, UniCredit – assuming Italy’s largest lender can find a buyer.
Even worse lies beneath.
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