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Kaspi Bank depositors withdraw $212 million in a bank run 20 февраля 2014, 15:28

The withdrawal amount stands at 10% of the deposit: Bank’s CEO Michael Lomtadze.
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Customers of Kazakhstan-based Kaspi bank have withdrawn $212 million in deposits in a bank run following the 20% currency devaluation; the withdrawal amount stands at 10% of the deposit base, Newskaz.ru reports, citing the Bank’s CEO Michael Lomtadze as saying. Against the backdrop of agitation in the wake of the currency devaluation, there has been a wave of sms informing the recipients of the allegedly imminent bank bankruptcies. The first to handle the repercussions of the sms campaign was Center Credit bank. Later a WhatsApp campaign was launched informing of an alleged bankruptcy of Alliance and Kaspi banks. On Tuesday Kaspi Bank announced a reward of $500 000 to help spot the initiators of the misleading information campaign. The three banks have turned to the General Prosecutor’s Office to investigate into the information attack. Kaspi Bank, ranked 1st in terms of retail loans, was mainly owned by Head of the Board Vyacheslav Kim (46.77%) and Baring Vostok Private Equity Fund III (42.77%) as of September 30, 2013.

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