NB extended 400.8bln loan to Qazkom

“Earlier, the National Bank  took a decision to grant a short-term loan to JSC Kazkommertsbank to the amount of 400.8bln tenge. The loan was provided to ensure additional reserves of liquidity and performance of the bank’s obligations before its customers,” a statement from the NB reads.

As the regulator  notes, Qazkom fully performs its obligations before the customers. To date, the bank has enough volume of quick assets which enabled it to partially repay the loan ahead-of-schedule.

Qazkom has repaid a half of the loan to the NB.

“In this regard, the NB is holding negotiations with shareholders and shareholders of KKB  to increase capitalization,” the statement reads.

Earlier, Kazinform reported citing Bloomberg that Kazakhstan has extended an emergency loan to the country's biggest bank, the first step in what could be a rescue that may reach 1.5 trillion tenge ($4.5 billion). A bailout is among the alternatives under discussion between officials from Kazkommertsbank JSC and the central bank as Kazakhstan edges closer to its biggest bank rescue since the global financial crisis seven years ago led to $20 billion in debt restructurings by the country’s lenders. Representatives from Kazkommertsbank and the central bank declined to comment, a source said to Bloomberg.