NB revoked Kazinvestbank’s license

“As per a decision of the National Bank dated December 26, 2016, JSC Kazinvestbank has been revoked ot its license for conducting any banking and other operations at the bond market issued by the Kazakhstan Agency for Regulation and Supervision over the Financial Market and Financial Organizations on March 21, 2008,” a statement from the NB reads.

The main reason for such an action was ‘improper fulfillment of obligations on payment and transaction operations.'

Due to small share of assets and bank’s liabilities in total assets and liabilities of the banking sector (0.7%), the revocation of Kazinvestbank’s license does not pose any risks to other financial organizations.

The bank has suspended activity on customers' accounts  since December 27.

Kazinvestbank  is a member of the deposit insurance system, due to which the depositors will receive their guaranteed compensation as per applicable procedure.

The NB said that it had appointed a temporary administrator at the bank which will function prior to establishment of a liquidation commission by a court.