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Almaty: Deposit Insurance Fund of Kazakhstan and "Bank TuranAlem" JSC announce the payment of "Nauryz Bank Kazakhstan" JSC deposit refunds, starting 14 December

09.12.2005 / Press-service

As a result of competition by Deposit Insurance Fund of Kazakhstan (DIFK), Bank ‘TuranAlem’ was chosen as an agent bank and signed an agreement in the beginning of this week.

Guarantee refund will be paid to all depositors, including private entrepreneurs, for following deposits: guaranteed deposits with fixed period and in escrow, including guaranteed deposits to natural persons for up to 7 million KZT or its equivalent in other currency; on-demand deposits; current and card account balance.
BTA will be paying refunds in account’s currency for deposits guaranteed by DIFK, by cash or cashless settlement, of up to 400 000 KZT without interest.
In case a depositor cannot receive guarantee refund in person, it can be received by another person by proxy, his/her parents, guardian or heir.
Guaranteed deposits with fixed period and in escrow, including guaranteed deposit to natural persons of or more than 7 million KZT will not be paid. Other deposit that will not be paid are deposits of top management of NBK and their relatives, deposits of NBK’s shareholders with 5% of voting shares or more, and their relatives.

In order to receive their refunds depositors must have original and copy of bank agreement or deposit documents, identification card, tax-payer registration number and a written statement. After document revision depositor will receive his/her refund within 5 working days. In case of any complications with documents the date of payment can be postponed.
‘Nauryz Bank Kazakhstan’ JSC deposit refunds can be received in BTA in any time, during six months, from 14/12/06 till 14/06/06.

On 02/06/05 Financial Market and Financial Organizations Regulation and Control Agency of Republic of Kazakhstan with its decree cancelled the license of ‘Nauryz Bank Kazakhstan’ JSC and appointed acting administration. According to application put in by the Agency on 13/06/05, specialized inter-district economic court brought an action against ‘Nauryz Bank Kazakhstan’ JSC. Court decision about liquidation of ‘Nauryz Bank Kazakhstan’ JSC was made on 16/08/05 and came into action on 02/12/05.

‘BankTuranAlem’ JSC is the system-forming bank of Kazakhstan, the leader in creation of banking network among CIS states. BTA’s assets exceed 6.76 billion USD; shareholder’s equity exceeds 804 million USD. Large financial institutions of the world are shareholders of BTA, one of the first international banks of Kazakhstan. ‘BankTuranAlem’ JSC confidently holds the leading position in trade financing, SME crediting and mortgage crediting among second level banks of Kazakhstan. Development strategy of the Bank envisages geographical diversification and expansion of the range of provided services, as well as stable dynamic growth.

During 11 months of 2005 funds in fixed period deposits increased have increased by 20.6%. Absolute growth made up approximately 123 million USD. The number of depositors increased by 4088 people. In fixed period deposit sector the bank holds the leading position with 21% of all market.

Deposit Insurance Fund of Kazakhstan was founded in November 1999 by National Bank of Kazakhstan. The aim of the Fund is to support financial stability and to protect second level bank depositors in case of liquidation of the bank. For 1 September 2005 the fund’s assets made up 10 billion KZT, and 9 billion KZT as a reserve for refunds. Today 34 out of 35 of second level banks are a part of the guaranteed deposit system.