Fund of Problem Loans acquires agricultural loans from Kazakhstan’s Tsesnabank
Baku, Azerbaijan, Feb. 6
The Fund of Problem Loans JSC acquired a portfolio of agricultural loans in the amount of 604 billion tenge from Kazakhstan’s Tsesnabank JSC, Kazinform correspondent reports referring to the National Bank, Trend reports.
“The Fund of Problem Loans acquired a portfolio of agricultural loans from Tsesnabank in the amount of 604 billion tenge in accordance with the measures approved by the National Bank and the government to increase the financial sustainability of Tsesnabank and support the agricultural sector,” the National Bank added.
Thus, 65 percent of the loan portfolio of the agro-industrial sector accounted for Tsesnabank.
The financial stability of agricultural producers deteriorated as a result of the pressure of rapidly changing situations in foreign markets. This affected the financial stability of the bank, the National Bank said.
As a result of the measures, a new investor was involved in the bank’s capital, as well as conditions were created for additional support to agricultural producers and their accelerated recovery.
As part of the agreements, First Heartland Securities JSC acquired a controlling stake in Tsesnabank, the National Bank stressed.
Tsesnabank was recovered as a result of the complex of measures implemented by the national bank, the government and the involvement of a new investor in the bank.
Presently, the bank has capitalization and liquidity indicators exceeding the minimum requirements of the National Bank.