Kazkommertsbank Receives KZT200.0 Bn Loan

Kazakh Halyk Bank to inject $585 mln into Kazkommertsbank

Kazkommertsbank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has informed KASE of a KZT200 bn loan received on March 14, 2017 to prolong a special purpose loan, loan to equity is 32.70 %, reports KazWorld.info with reference to the official website of Kazakhstan Stock Exchange.

Last month, the Kazakh authorities said they would inject 2 trillion tenge ($6.3 billion) into the Problem Loans Fund (PLF), topping up its capital of about $1 billion, in order to buy bad loans from local banks.

Ratings agency Fitch this month downgraded KKB’s viability rating to ‘f’ from ‘ccc’, saying the move reflected “Fitch’s view that the bank has failed and requires external support to address a material capital shortfall”.

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