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Bank RBK completes implementation of rescue plan

Bank RBK JSC completed the process of its recapitalization, having received a 35 billion Kazakh tenge capital boost from its shareholder and the last, 33.7 billion tenge tranche of a subordinated loan from the Kazakh central bank, the lender said Feb. 15.

The recapitalization was launched in November 2017 following a framework agreement between the lender, the Kazakh government, the central bank and Kazakhmys Group, representing the lender's current beneficiary owner Vladimir Kim.

The bank received the total of 160 billion tenge from its shareholder as part of the recapitalization, while the total subordinated financing provided by the central bank as part of the country's banking sector stabilization program reached 243.7 billion tenge. The rescue measures also included the transfer of its distressed assets worth 603 billion tenge to a separate company responsible for their retrieval.

As a result of the measures, Bank RBK's liquid assets now amount to 211 billion tenge, and it meets local required regulatory capital ratios. The bank intends to focus on development, which will be built on balanced financial management, the lender's board of directors head, Torsten Paul, was cited as saying.

As of Feb. 15, US$1 was equivalent to 320.14 Kazakh tenge.