BTA, Kazakhstan’s biggest bank, has submitted two proposals to renegotiate its $10.3bn debts to the country’s regulator – one designed by the bank itself and a counter-proposal developed by its creditors.

The bank has been in negotiations with a group of international creditors including ABN Amro, ­Commerzbank, Standard Chartered, JPMorgan, ING, KfW, and funds DE Shaw, and Fortis Investment Management with the aim of agreeing a memorandum of understanding (MOU) as a basis for a restructuring and recapitalisation plan.