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Bank RBK prepares steps to strengthen financial stability

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Bank RBK prepares steps to strengthen financial stability

Bank RBK JSC is working on a set of measures aimed at strengthening its position, the Kazakh lender said Oct. 11, following market speculations about its financial situation.

The measures will include the recapitalization of the financial institution, provision of additional liquidity, improving its business model and working with problem loans. The lender also said one of its shareholders, Vladimir Kim, initiated negotiations with other shareholders, the Kazakh central bank and the government regarding the development of the planned actions.

The bank recently imposed restrictions on the withdrawal of money by its clients and received a fine of 680,700 Kazakh tenge from the central bank in September for violating regulatory requirements, said Oct. 10, adding that its sources compared the situation at the lender to a "technical default."

Bank RBK is reportedly set to participate in Kazakhstan's scheme aimed at stabilizing the country's banking sector. It hopes to get 245 billion tenge via the program, while JSC Qazaq Banki, which is supposed to merge with RBK, is eyeing 105 billion tenge from the scheme, noted.

RBK and Qazaq signed a merger memorandum in June, with Vladimir Kim set to hold a major controlling participant role in the new structure, the lenders said at the time. The central bank allowed Kim to become a major shareholder in RBK at the beginning of August.

As of Oct. 10, US$1 was equivalent to 337.51 Kazakh tenge.