Tengri Bank announces measures to stabilize liquidity situation

/KASE, April 17, 2020/ – Tengri Bank (Almaty), whose securities are officially listed on the Kazakhstan Stock Exchange (KASE), has provided KASE with the press release dated April 15, 2020, which states as follows: quote Tengri Bank (hereinafter, the Bank) operates in the conditions of a state of emergency in the country and takes all necessary measures to stabilize the liquidity situation, including discussion of these issues with the regulator and the major shareholder - Punjab National Bank. At the initiative of Punjab National Bank, it was decided to involve a consulting agency from among the Big Four firms and to prepare a plan to stabilize the Bank's activities based on the consulting agency’s report. The Bank also requested support from the major shareholder and the National Bank of Kazakhstan. However, given the introduction of emergency measures by the Government of the Republic of India to prevent the spread of COVID-19, it will take some time for the Bank to obtain a decision from the management of Punjab National Bank and to coordinate with its regulator. The Bank has developed a strategy for restoring financial performance and submitted it for approval of the Agency of the Republic of Kazakhstan on Regulation and Development of the Financial Market. The strategy includes an action plan aimed at improving liquidity ratios, loan portfolio quality, profitability and surplus. The Bank assures customers that their money is safe and requests them to continue their cooperation. unquote [2020-04-17]