With a national economy on steroids, an apparently supportive government, and positive ratings actions, the three leading banks in Kazakhstan are ripe for securitizing their electronic money flows, according to sources. Arrangers are pitching, but not everyone is cheering on Halyk Savings Bank, Kazcommertsbank and Bank TuranAlem, according to sources. The European Bank of Reconstruction and Development (EBRD), reportedly wielding influence through shareholdings and creditor relationships, is opposed to their taking the securitization route.

EBRD officials did not answer a request for comment as of press time.

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