Government of Kazakhstan together with the National Bank and the Kazakhmys Corporation LLP developed a set of measures to improve the work of JSC “Bank RBK”. This was told by the Chairman of the National Bank of Kazakhstan, Daniyar Akishev, answering the questions of journalists following the results of the Government meeting.

As it is known, currently JSC “Bank RBK” is experiencing difficulties with providing the sufficient level of liquidity. In connection with that, on-time fulfillment by the Bank RBK of its payments to the customers is limited.

As earlier reported, the National Bank together with the Government of Kazakhstan and potential investors held negotiations, the result of which was the development of a set of measures for improvement of the Bank.

Daniyar Akishev told that the improvement model suggests the Bank capitalization at the expense of investors for the sum of 160 billion tenge and further facilitation by the investors of the Bank’s business model in order to ensure its stable development. In addition, the complex of measures implies the transfer to a separate special financial company of the problem portfolio for the sum of 600 billion tenge, which was given to the shareholders and other related persons.

The Head of the National Bank specified that obligations transferred to a special financial company will be fulfilled at the expense of the funds from the portfolio.

“In the nearest future, the Board of the National Bank is to consider the application of the Bank for the sum of about 240 billion tenge as part of the Program for Raising Financial Stability of Banking Sector of the Republic of Kazakhstan,” D. Akishev said.

He emphasized that the improvement measures above are the part of the Program for Raising Financial Stability of Banking Sector of the Republic of Kazakhstan, approved by the Resolution of the Board of National Bank of June 30, 2017, No. 129, which is currently being implemented by the National Bank.

As a result of implementation of the measures, stabilization of the situation in the Bank RBK is expected.

“As liquidity proceeds, in the near future, Bank RBK will begin fulfilling its obligations on socially significant payments, as well as on deposits of small and medium investors,” the Head of the National Bank noted.

At present, in the Bank, individuals have opened the total of 28139 accounts and deposits for the sum of 188 billion tenge. In this connection, the government has made a decision to support the Bank at the expense of funds of the National Bank, Government and quasi-public sector.

The National Bank will conduct analysis of the activities of the Bank’s authorized bodies in the part of credit policy implementation, that have led to the current losses, after which, related materials will be sent to the law enforcement agencies for taking further measures.