Demir Kazakhstan bank switched to international accounting standards

/IRBIS, Dec.01, 99/ - REUTERS informs, with the reference to the resolution of the National Bank's Board, that the National Bank of Kazakhstan recognized OJSC Demir Kazakhstan bank (DKB) as the bank that satisfied the requirements for switching commercial banks to international accounting standards. "Recognize open joint stock company "Demir Kazakhstan bank" as the bank that satisfied the requirements of the Rules and Plans", is said in the document. On December 12, 1996 the National Bank adopted the regulations "On procedures for switching the banks of the second tier to international standards", which states that the banks with 1 billion tenge authorized capital as of December 1998 are regarded as the banks of the first group, and the banks with less than 200 million tenge authorized capital - the banks of the second group. To get into the first group the banks should not only meet the requirements on size of an authorized capital, but also submit a plan of recapitalization and improving the bank's activities, and also follow the norms set forth by the National Bank. Paid authorized capital of Demir Kazakhstan bank reaches one and half billion tenge, shareholders' equity as of December 1 is 1,479 billion tenge. In October of this year assets of the bank reached $37 million, profit $1.5 million. Demir Kazakhstan bank is the fifth of commercial banks who satisfied the requirements of switching to international standards. This group includes also ABN AMRO bank Kazakhstan, Citibank Kazakhstan, Halyk savings bank Kazakhstan, bank Societe General. Turkish bank Demir T.A.S. opened an affiliated bank in Kazakhstan in September of 1998. The major shareholders are Turkish Demir bank T.A.S. with 99.97 percent of the shares, and the rest belongs to a private person.