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. Last Updated: 07/27/2016

Kazakhstan to Sell Off Stake in Largest Bank

ALMATY, Kazakhstan -- Kazakhstan aims to sell a majority stake in its largest bank this year or in 2000, possibly to a foreign investor, Finance Minister Uraz Dzhandosov said Wednesday.

"I believe that we definitely need to privatize Narodny Bank in 1999 or 2000," he said. "We need to sell a controlling stake through an open tender and to a private investor. I see nothing wrong if that investor is a foreign investor."

Narodny Bank is the successor to the Soviet Sberbank. The state owns an 80 percent stake, with 10 percent owned by investors and 10 percent by depositors.