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Tengri Bank stripped of license

18.09.2020 21520
In accordance with the resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, Tengri Bank has been deprived of the license for conducting banking and other operations.

The grounds for revoking the license are: systematic (three or more times within twelve consecutive calendar months) violation of prudential standards and (or) other mandatory norms and limits; - systematic (three or more times within twelve consecutive calendar months) failure to comply with supervisory response measures; failure of the Bank's bank holding company to comply with the requirements of the authorized body for additional capitalization, the Agency's press service reported.

Due to the low share of Tengri Bank's assets and liabilities in the total assets and liabilities of the banking sector of the Republic of Kazakhstan (0.3%), the bank's license revocation does not pose any risks to the banking system as a whole.
Since March 2020, Tengri Bank has not fully fulfilled its contractual obligations for payments and money transfers. Under deteriorating financial condition, the Agency took 11 supervisory response measures against the bank and drew up 36 protocols on administrative offenses.
As specified in the Agency, the lack of an effective corporate governance system and ongoing internal corporate disputes between the majority and minority shareholders of the bank also led to the aggravation of the bank's financial situation.
In accordance with the current legislation, the actions of shareholders and the bank's management, which led to deterioration in the financial position of the Bank, will be given a legal assessment by the relevant authorities.
By the order of the Chairman of the Agency, a provisional administration was appointed, to which the powers of all management bodies of the bank were transferred.
The provisional administration will operate until the appointment of the bank's liquidation commission. Oksana Ogay, an employee of the Agency, was appointed the head of the temporary administration.
From September 18, 2020, all the operations on bank accounts of customers and the bank itself have been terminated, except for cases provided for by the legislation of the Republic of Kazakhstan.
For all questions of interest, you can contact the temporary administration of JSC "Tengri Bank" by phone +7 (727) 244-34-34; 3434.
Source: kazpravda.kz

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