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Tengrinews.kz – President Kassym-Jomart Tokayev called on banks that had received state support in the past to actively engage in the implementation of infrastructure projects. Our editorial team tells which banks received state aid from 2017 to 2020.
At an extended government meeting on January 28, he recalled that in those years, a number of large banks were provided state support on the terms of joint liability of their shareholders, including at the expense of the National Fund, for a period of 15 years.
According to him, individual banks have already covered all losses, but continue to hold on to state-owned funds. Moreover, they have a guaranteed profit, investing them at high interest rates in risk-free state instruments.
"The government and the National Bank are instructed to make a decision on this matter. I want to emphasize that banks are by no means enemies of the government, let alone the people, but there must be fair partnerships based on dialogue. At one time, you were helped—now it’s your turn to reciprocate. And let me remind you, the help provided was significant, involving large, enormous sums," Tokayev said at an extended government meeting.
Which banks received assistance?
As Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market, reported earlier, six banks participated in the financial stability program. The program was approved by the National Bank in 2017. At that time, the banks were found to have losses and a large level of stressed assets on their balance sheets. Subordinated bonds were allocated by the National Bank.
In 2023, the bonds remained on the balance sheets of Eurasian Bank, Bank CenterCredit, Nurbank, RBK Bank, as well as ATF Bank and Tsesna Bank, which were merged into Jusan Bank. In addition, state support funds remained on the balance sheet of Halyk Bank as a result of the transaction that took place to acquire Kazkommertsbank.
Six banks received 700.5 billion tenge from the state through the Kazakhstan National Bank Sustainability Fund, which bought out their subordinated bonds. The bonds were provided to banks for a period of 15 years. In addition, shareholders carried out additional capitalization.
In 2023, the financial regulator announced that it plans to prohibit banks from paying dividends if state funds were used for their financial stability or recovery.
Which banks returned the money?
In November 2024, Halyk Bank announced that it had early and fully returned state support in the amount of 250 billion tenge received by Kazkommertsbank.
Jusan Bank also announced the early return of 100 billion tenge of state aid.
In August, Bank RBK reported that it had early repaid part of the funds received under the recovery program. From 2017 to the present, the bank has paid coupon interest in the amount of 58.8 billion tenge on funds received from the state.
In April, the media wrote that Bank CenterCredit received 60 billion tenge as part of the recovery program and was considering the possibility of early repayment of state aid. At the same time, the bank then announced that it would not pay dividends for 2023.
On January 28, an extended meeting of the government was held. During his speech, President of Kazakhstan Kassym-Jomart Tokayev addressed to the country’s banks.
