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Kazakh regulator revokes Kazinvestbank's license

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Kazakh regulator revokes Kazinvestbank's license

The National Bank of the Republic of Kazakhstan revoked the license of JSC Kazinvestbank because of problems with the settlement of payments and money transfers.

The lender was placed under provisional administration until the appointment of a liquidation committee. The Kazakh Deposit Insurance Fund will pay out compensation for Kazinvestbank deposit holders of up to 10 million Kazakh tenge per person on local-currency deposits and up to 5 million tenge for foreign-currency deposits.

The central bank noted that the revocation of the lender's license will not threaten the stability of the Kazakh financial system given that Kazinvestbank's assets and liabilities amounted to 0.7% of the total in the country's banking sector, news agency Kazinform reported Dec. 27.

As of Dec. 27, US$1 was equivalent to 333.63 Kazakh tenge.