Subsidiary Bank Alfa-Bank takes over assets and liabilities of Kazinvestbank

24.05.17 12:57
/KASE, May 24, 2017/ – Subsidiary Bank Alfa-Bank (Almaty), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of May 23, 2017: quote On May 19, 2017 SB Alfa-Bank (hereinafter – Alfa-Bank) and temporary administration of Kazinvestbank (KIB) made an agreement on the simultaneous transfer of KIB's assets and liabilities. This type of bailout of deposits in the Bank was for the first time used in Kazakhstan's history. On February 7, 20017 KIB's temporary administration sent a letter to second-tier banks offering to take part in the transaction of simultaneous transfer of assets and liabilities. One of the transaction's terms was the maximum of 150 % ratio of assets transferred to deposits of individuals and (or) legal entities transferred. Alfa-Bank offered the least percentage between the deposit liabilities and assets being taken over. unquote Details are available on KASE website – http://www.kase.kz/files/emitters/ALBN/albn_reliz_230517_1.pdf [2017-05-24]