Kazakhstan saving troubled Bank RBK

ASTANA (TCA) — The Government of Kazakhstan together with the National Bank and the Kazakhmys Corporation LLP developed a set of measures to stabilize the work of JSC Bank RBK, National Bank of Kazakhstan Chairman Daniyar Akishev told journalists following the Government meeting on November 7, the official website of the Prime Minister of Kazakhstan reported.

At the meeting, a multilateral memorandum was signed between the Government, the National Bank of Kazakhstan, Kazakhmys Corporation LLP and Bank RBK JSC. The Memorandum provides for a number of comprehensive measures to improve the financial situation of Bank RBK.

Currently Bank RBK is experiencing difficulties with providing the sufficient level of liquidity. In connection with that, on-time fulfillment by Bank RBK of its payments to the customers is limited.

According to the document, Kazakhmys Corporation has made a decision to invest 160 billion tenge into the capital of Bank RBK, and the National Bank of Kazakhstan, in the near future, will consider the Bank’s participation in the Program for Raising the Financial Stability of the Banking Sector for the amount of about 240 billion tenge.

With a view to improving Bank RBK, it was decided to transfer problem loans for a total of about 600 billion tenge to a specially created company that will handle their return. At the same time, the parties agreed that the return of deposits of quasi-public structures by Bank RBK will be made with the return of problem loans.

As liquidity proceeds, Bank RBK will begin to fulfill its obligations on socially significant payments.

Implementation of these measures will allow to normalize liquidity and make Bank RBK a stable and reliable partner in the financial services market.

As of October 1, 2017, the assets of Bank RBK JSC amounted to 970.7 billion tenge, loan portfolio—717.8 billion tenge, customer funds—570.4 billion tenge, including deposits of individuals—194.5 billion tenge. Bank RBK’s own capital as of the reporting date was 97.6 billion tenge, authorized capital—64.4 billion tenge. The Bank’s profit for 9 months of 2017 amounted to 3.1 billion tenge. The bank is represented in the cities of Astana, Almaty, Aktau, Aktobe, Atyrau, Karaganda, Kokshetau, Pavlodar, Taldykorgan, Ust-Kamenogorsk, Shymkent, Semey and Ekibastuz.

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