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]