Kazinvestbank Expelled From KASE

More Than 20 Bn Tenge Assets Transferred From Kazinvestbank Into Alfa-bank

JSC Kazinvestbank has been expelled from the Kazakhstan Stock Exchange (KASE), reports KazWorld.info with reference to the official website of the Exchange.

Following a decision of Kazakhstan Stock Exchange
(KASE) Board of Directors as of February 3, 2017 Kazinvestbank (Almaty) was
stripped of its KASE membership in categories “currency market” and “stock market”.
This means that Kazinvestbank is no longer a member of KASE and doesn’t have the
right to trade on KASE in any instruments.

This decision was taken in accordance with sub-items 3) and 4) of item 1 of
article 12 of KASE internal document “Regulations on Membership” due to the
fact that Kazinvestbank as of December 27, 2017 in accordance with resolution
No. 291 of Management Board of the National Bank of Republic of Kazakhstan
dated December 26, 2016 was withdrawn its banking and stock market license
221 issued by the Agency of the Republic of Kazakhstan for Regulation and
Supervision of Financial Market and Financial Organizations on March 21, 2008,
for reasons provided for in sub-item c) of item 1 of article 48 of the Act
of Republic of Kazakhstan “On Bank and Banking Activities in the Republic of
Kazakhstan”, for systematic (three or more times within 12 consecutive calendar
months) undue execution of contractual obligations on payment and transfer
transactions”, the statement reads.

Kazakh National Bank has deprived KazInvestBank of license to conduct banking and other operations and activities on the securities market since Dec. 27, the message from the national bank said.

The license was recalled due to systematic improper performance of contractual obligations on payment and transfer operations.

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