Subsidiary Bank Sberbank of Russia evaluates AQR as as an effective tool to strengthen banking system
02.03.20 17:17
/KASE, March 2, 2020/ – Subsidiary Bank Sberbank of Russia (Almaty), whose bonds
are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE
with the following press release of March 2, 2020:
quote
Sberbank Kazakhstan positively evaluates the results of a comprehensive
asset quality review (AQR) conducted by the National Bank of the Republic of
Kazakhstan in conjunction with independent audit companies.
AQR has become a comprehensive and systematic assessment of the state of
the assets of banks in Kazakhstan, which will help to identify and eliminate
existing vulnerabilities and increase the stability of the country's banking
system.
"Our bank initially supported the idea of conducting AQR, considering this
procedure an important tool to increase the transparency of the banking system
of Kazakhstan and an effective diagnostic method for hidden problems. We are
committed to full and mutually beneficial cooperation with the financial market
regulator in terms of discussing and implementing the recommendations arising
from the results of the assessment," Yeldar Tenizbayev, Chairman of the
Management Board of Sberbank Kazakhstan, commented on the AQR results.
Sberbank Kazakhstan believes that the results of the implementation of corrective
measures will allow to see the growth points and improve various business
processes of banks, which will positively affect both the financial stability
of the players in the banking market and the service quality.
unquote
[2020-03-02]