Kazakh bank receives $ 1.21 billion in short-term funding

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December 26, 2016 11:11 am (UTC + 04:00 am)

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Kazakhstan’s Kazkommertsbank received short-term funding of 400.8 billion tenge (over $ 1.21 billion) from the National Bank of Kazakhstan, according to the national bank’s post.

“The loan is granted in order to ensure additional liquidity reserves for the performance of obligations to the bank’s customers,” the bank said.

Funding was provided due to the systemic importance of the Kazkommertsbank.

According to the National Bank, to date, the Kazkommertsbank had sufficient liquidity, allowing it to make a partial early repayment of the loan. The Kazkommertsbank earlier repaid half of the loans granted by the National Bank.

Kazkommertsbank, established in 1991, is one of the largest commercial banks in the CIS and the largest in terms of total assets in Kazakhstan. The bank provides a wide range of banking and financial services to businesses and individuals across Kazakhstan and the surrounding region.

Based in Almaty, the bank serves its private clients through a network of branches in 45 cities across Kazakhstan. Kazkommertsbank also has international banking subsidiaries in Tajikistan and Russia.
The bank’s shareholders are the Central Asian Investment Company, Kazakh millionaire Nurzhan Subkhanberdin, Qazaq Financial Group and the Kazakh National Wealth Fund Samruk-Kazyna.

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