Delta Bank Shuts Down Branches In 7 Cities Of Kazakhstan

Kazakh Delta Bank Will Not Accept Deposits Or Open Accounts Until November

Delta Bank based in Almaty city has announced its shutting down its branches in 7 cities of Kazakhstan, Kazinform has learned from KASE.

The bank de-registered its branches in the cities of Atyrau, Aktobe, Uralsk, Karagandy, Taraz, Pavlodar and Petropavlovsk.

Delta Bank was founded on September 1, 1993 in Aktau on the initiative of big oil and gas companies of West Kazakhstan region.

As a reminder, Feb. 2, 2017, S&P Global Ratings has lowered its long-term counterparty credit rating on Kazakhstan-based Delta Bank JSC and its ratings on the bank’s senior unsecured debt issues to ‘CC’ from ‘CCC-‘ on increased probability of bond nonpayment.

May 22 Kazakhstan’s central bank barred local lender Delta Bank from opening new deposits and customer accounts until June 15, citing its repeated failure to make timely payments and breach of regulatory ratios.

Delta is Kazakhstan’s 14th largest bank by assets, which stand at about $1.2 billion.

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