The National Bank revoked license of Qazaq Banki to conduct banking and other transactions and carry out activities in the securities market

28.08.18, 15:29
/KASE, August 28, 2018/ – The National Bank of the Republic of Kazakhstan (National Bank) 
published on August 28, 2018 on its website a press release with the following content:

quote

In accordance with Resolution of Board of the National Bank of the Republic of 
Kazakhstan No. 171 dated August 27, 2018, it was decided to deprive Qazaq 
Banki (hereinafter - the Bank) of the license to conduct banking and other 
transactions and activities on the securities market issued to the Bank by the 
National Bank of the Republic of Kazakhstan July 27, 2018 No. 1.2.204 / 37, on 
the grounds provided for in subparagraphs c) and d) of paragraph 1 of Article 48
of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the
Republic of Kazakhstan", for a systematic (three or more times within twelve 
months (three or more times during the twelve consecutive calendar months) 
violation of prudential standards and (or) other mandatory norms and limits,
from  August 28, 2018.

Due to the low proportion of the Bank's assets and liabilities in the total
assets  and liabilities of the banking sector (0.8%), the Bank's deprivation of
the license  does not carry risks to other financial institutions.

By order of the Chairman of the National Bank of the Republic of Kazakhstan No. 
326 of August 27, 2018, an interim administration was appointed, to which the 
powers of all management bodies of the Bank were transferred. The interim 
administration will act until the liquidation commission is appointed by the
court.

Since August 28, 2018, all operations on bank accounts of customers and the 
Bank itself have been terminated, except for cases related to expenses provided 
for by regulatory legal acts of the authorized body, by transfer of money to the
Bank.

The National Bank of the Republic of Kazakhstan, in accordance with the 
procedure established by the legislation, will apply to the court with a request
for  compulsory termination of the activities (liquidation) of the Bank.

From the date the court institutes proceedings for the compulsory liquidation of
the Bank, the claims of creditors to the Bank can be presented only in the 
liquidation proceedings, with the exception of the requirements related to the 
current expenses for the maintenance of the Bank.

The bank is a participant of the mandatory deposit insurance system for 
individuals, therefore, the depositors will be paid a guarantee refund in due 
course.

On all issues of interest, you can also contact the head of the temporary administration 
of Qazaq Banki Ottsova Anfisa Leonidovna by phone +7 (727) 380-39-51, +7 (727) 380-39-39.

unquote

[2018-08-28]