National Bank suspends license of Qazaq Banki for receipt of deposits from individuals and opening bank accounts for individuals until July 27, 2018 inclusive

KASE, April 28, 2018/ – The National Bank of the Republic of Kazakhstan (National Bank) published the following information statement on its website on April 28, 2018: quote The validity of license of Qazaq Banki (hereinafter, the Bank) for receipt of deposits from individuals and opening bank accounts for individuals was suspended by the Resolution of the Board of the National Bank of the Republic of Kazakhstan No. 67 dated April 27, 2018 until July 27, 2018 inclusive. This decision was made by the National Bank as part of the supervisory response measure for violation of the banking legislation requirements by the Bank on the grounds provided for in sub-item c) and d) of item 1 of Article 48 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" for repeated (three times and more within twelve consecutive calendar months) improper performance of contractual obligations on payment and remittance operations and for repeated (three times and more within twelve consecutive calendar months) breach of prudential standards and/or other obligatory standards and limits. The lisence is suspended in relation to attracting new deposits from individuals and to opening new bank accounts for individuals and the suspension will not affect existing deposits and clients of the Bank. As at April 1, 2018, the volume of individuals’ deposits of the Bank amounts to KZT41.0 bn. The share of the deposit portfolio of the Bank’s clients amounts to 0.5% of the total deposits of individuals in the banking system. For more details media representatives may contact us by tel: +7 (727) 704 585 e-mail: press@nationalbank.kz www.nationalbank.kz unquote [2018-04-28]