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National Bank of Kazakhstan allocates loan to Tsesnabank

Kazakhstan Materials 27 September 2018 22:17 (UTC +04:00)
The National Bank of Kazakhstan assesses the situation in Tsesnabank as stable.
National Bank of Kazakhstan allocates loan to Tsesnabank

Baku, Azerbaijan, Sept. 27

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The National Bank of Kazakhstan assesses the situation in Tsesnabank as stable, Chairman of the National Bank Daniyar Akishev said at a press conference, Capital reported Sept. 27.

The bank complies with all prudential regulations, he said.

However, recently, the bank has faced an unplanned outflow of funds from the accounts of the population and enterprises, so the regulator decided to support the second-tier bank, he added.

"The National Bank, in these conditions as well as taking into account the entry into force of the Basel III requirements, has provided support to the bank in the amount of 150 billion tenge on various terms," Akishev said.

Akishev stated that in the situation with Tsesnabank, its shareholders have made every effort to stabilize the work of the financial institution. The bank has already been recapitalized and a new management with experience in solution of crisis situations has been appointed.

Tsesnabank is conducting a deal to sell a significant share of the portfolio of agricultural loans in the amount of 450 billion tenge to the Fund of Problem Loans, Akishev added.

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