National Bank revokes license of Eximbank Kazakhstan to conduct banking and other transactions and activities on the securities market

28.08.18, 12:17
/KASE, August 28, 2018/ – The National Bank of the Republic of Kazakhstan (the 
National Bank) published the following press release on its website on August 28, 
2018:

quote

In accordance with the Resolution of the Management Board of the National Bank 
of the Republic of Kazakhstan No. 172 dated August 27, 2018, the decision was 
made to revoke the license of Eximbank Kazakhstan JSC (hereinafter, the Bank) No. 
1.2.48/232 to conduct banking and other transactions and activities on the 
securities market as issued to the Bank by the National Bank of the Republic of 
Kazakhstan on January 18, 2017 on the grounds provided for by subparagraphs g),
w), m-1) 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 systematic 
(three or more times during 12 consecutive calendar months) violation of 
prudential norms, laws and regulations and for the failure by major shareholder 
of the Bank to fulfil capital top-up requirements of the authorized body as of 
August 28, 2018.

Given low proportion of assets and liabilities of the Bank in the total assets
and  liabilities of the banking sector (0.2%) revoking the Bank’s license does
not bear  risks for other financial institutions.

The interim administration that had taken over all powers of the Bank’s management 
bodies was appointed by the order of the Chairman of the National Bank of the 
Republic of Kazakhstan No. 325 dated August 27, 2018. The Interim Administration 
will act until the appointment of the Liquidation Commission by the court.

As of August 28, 2018, all transactions on the bank accounts of clients and the 
Bank have been stopped, except for the cases when the expenditure is provided 
for by laws and regulations of the authorized body and when the incoming money 
is credited.

The National Bank of the Republic of Kazakhstan will file an application to a
court  according to the procedure established by the legislation requesting
involuntary  termination (liquidation) of the Bank’s activities.

From the date of opening court proceedings on the involuntary liquidation of the
Bank creditors’ claims to the Bank may be brought only under liquidation 
proceedings, except for the requirements related to the ongoing maintenance 
costs of the Bank.

The Bank is a participant of the system for obligatory guaranteeing individuals'
deposits, and debtors will be paid guarantee reimbursement in accordance with the 
established procedure.

If you have any questions please contact to the head of the Interim Administration 
of Eximbank Kazakhstan Lyalya Serikovna Kadyrova +7 (727) 250-06-00.

unquote

[2018-08-28]