Banking license of Kazakhstan’s BTA Bank ceased
Baku, Azerbaijan, June 24
By Elena Kosolapova - Trend:
The banking license of BTA Bank of Kazakhstan to conduct banking and other operations at the securities market has been ceased, said the message from Kazkommertsbank.
Earlier, BTA applied to the National Bank of Kazakhstan to voluntarily surrender its banking license.
Cancellation of the license has been approved by the Order of the National Bank #268 as of 23 June 2015 "On cancellation of banking license of BTA Bank", said the message.
Cancellation of the license has been done in accordance with approved plan for integration of KKB and BTA. On 15 June 2015, two banks signed the agreement on simultaneous transfer of assets and liabilities and transferred part of BTA assets and liabilities to KKB, and part of distressed assets of KKB to BTA.
The agreement on simultaneous transfer of assets and liabilities states that KKB shall serve in full the liabilities to clients received from BTA in accordance with requirements of legislation of Kazakhstan and with existing terms of the BTA agreements with clients.
As it was announced earlier, BTA shall concentrate on workout of distressed assets, both owned and received from KKB. The proceeds received from workout of distressed assets shall be used to repay BTA debt to KKB.
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