Kazakhstan Chamber of Commerce in the USA

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Kazakhstan-born financier to buy Barclays’s Russian bank

Posted on October 29, 2011 by Alex

Kazakhstan-born financier Igor Kim  has  emerged as  thefrontrunner to acquire Barclays Bank’s Russian retail subsidiary, Expobank, the  Kommersant business weekly reported on Friday.

Kim and Barclays reportedly  finalized the deal on Friday, according to sources cited by Kommersant.  Kim  outbid Russia’sRenaissance Capital in a  contest to  obtain the asset, after Kazakhstan’s Kazkommertsbank decided last month not to pursue the deal.

Kazakhstan struggles with grain export bottlenecks Kazakhstan has been using all available means to store its grain crop, including rail trucks, as it struggles to find suitable options to export its record harvest.  Kazakhstan, a large landlocked country, historically used Black Sea ports in Russia to ship its grain.

However, Russia faces its own logistical bottlenecks this year as it struggles to deal with its own strong harvest. On Friday, Kazakhstan’s Ministry of Agriculture said the country harvested 28.2 million tonnes of grain on 16 million hectares, or 99% of the total area to be harvested.

SOURCE: Kazakhstan Daily News Brief, dated October 24, 2011 available at http://silkroadintelligencer.com/wp-content/files/srikznewsbrief_oct24_2011.pdf

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