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Kazakh Businessman Rakishev Acquires Control of Biggest Bank

Kazkommertsbank was created in 1991, when the Soviet Union collapsed and central Asia’s biggest oil exporter became independent. The bank said in July it will seek more money from Kazakhstan’s pension and problem-loan funds to fuel lending growth while shifting bad assets to BTA. It has opened credit lines totaling $9 billion to BTA as it turns the unit into a center dealing with bad loans.