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Court liquidated 'golden' bank of Assaubayevs family

06 january 2012, 13:03
©RIA Novosti
©RIA Novosti
Almaty economic court ruled on a forced liquidation of Credit Altyn Bank ('altyn' means 'gold' in Kazakh), Interfax-Kazakhstan reports citing the National Bank’s state financial control commission.

The decision was made on December 22, 2011. On August 2011 Kazakhstan National Bank suspended Credit Altyn Bank’s license for acceptance of individuals' deposits and accounts management for three months (as well as those of three other creditors: Senim-Bank, TAIB Kazakh Bank and Islamic Bank Al Hilal).

The license was suspended because of the failure to meet the minimum capital requirements for the second-tier banks, bank holdings and holders of over 25 percent of voting and outstanding stock (net of preferred and repurchased shares) of the 4 credit companies.

The bank was founded by the Assaubayevs family in July 2009. In 2010 Credit Altyn Bank was ranked 933rd among CIS banks and 36th among Kazakhstan banks by assets in Interfax-1,000 ranking made by Interfax-CEA.

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