Senate comments on situation with Russian bank subsidiaries

09.06.2022, 16:32

There is no reason to worry, Chairperson of the Kazakhstan’s Agency for Regulation and Development of Financial Market Madina Abylkassymova said in the Senate, commenting on the closure of Russian-owned banks in the country. Russian subsidiary banks keep deposits of individuals and legal entities in the amount of 500 billion tenge, she noted. The loan portfolio of subsidiaries amounts to about 1.7 billion tenge, whereas liquid capital totals nearly 590 billion in national currency. As such, all these financial institutions are solvent, they will meet obligations to individuals and legal entities of the country, Abylkassymova stressed. She assured that there were no questions about their instability.

“Speaking of banks that have ceased their activities, Alfa-Bank was bought by Bank CenterCredit and was renamed. The procedure for joining of Alfa-Bank, which is now Eco Center Bank, as well as merging two banks into the one is currently underway. It will become part of the Bank CenterCredit. Accordingly, all investments and deposits of individuals and legal entities in this bank become part of the Bank CenterCredit. All obligations will be fully met to depositors,” said Madina Abylkassymova, chairperson of the Kazakh Agency on Regulation and Development of Financial Market.

 

 

Translation by Saniya Sakenova

Editing by Saule Mukhamejanova