Kazakhstan initiates plan to save RBK bank

Business Materials 7 November 2017 13:17 (UTC +04:00)

Baku, Azerbaijan, Nov. 7

By Ali Mustafayev – Trend:

Kazakh Government, together with the National Bank and Kazakhmys Corporation LLP developed a set of measures for the recovery of JSC Bank RBK, said the Chairman of the National Bank of Kazakhstan Daniyar Akishev, during a press conference on the meeting of the government.

Presently, JSC Bank RBK is experiencing difficulties in securing a sufficient level of liquidity, which causes difficulties with the timely implementation of customer payments.

“The recovery model presupposes the capitalization of the bank at the expense of the investors' funds amounting to 160 billion tenge. This process aims at further improvement of the business model of the bank in order to ensure its sustainable development,” said Akishev, Kazakh media reported.

He stressed that the abovementioned measures of recovery represent part of the Program for Enhancing the Financial Strength of the Banking Sector of Kazakhstan, which is currently being implemented by the National Bank of Kazakhstan.

“In near future the bank will start to fulfill its obligations under socially significant payments, as well as deposits of small and medium-sized investors, as well as the bank’s liquidity proceeds.”

The head of the National Bank stated that the government’s decision to support JSC Bank RBK is caused by a large number of accounts, opened by the individuals (28.139) and deposits amounting to 188 billion tenge.