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. Last Updated: 07/27/2016

Kazakhstan to Sell 20% of State Bank

ALMATY, Kazakhstan -- Kazakhstan plans to sell 20 percent of the state-controlled savings institution Halyk Bank by the end of the year, bank President Karim Masimov said Thursday.

He said the sale could happen before or after an additional issue of Halyk Bank shares planned for this year.

"The bank expects partial privatization as well as an increase in capitalization," Masimov said at a news conference.

Halyk is one of the institutions included in the list of companies to be sold this year as the Central Asian state desperately tries to raise revenues to plug a gaping budget deficit.

Halyk Bank is the successor to Soviet-era Sberbank and dominates the retail savings sector in Kazakhstan. It had total assets of 45 billion tenge ($333 million) at the end of June.

The sale of the 20 percent stake would leave the government with a 50 percent plus one share in Halyk.