99.7% of Kazinvestbank depositors to receive their savings in full

ALMATY. KAZINFORM Kazakhstan's Deposit Insurance Fund explained the order of returning savings to the depositors of Kazinvestbank whose license was withdrawn by the National Bank in late December.

"99.7% of depositors will receive compensation in full. 8,292 depositors will receive their savings within the period stipulated in the legislation. Other 52 depositors' (0.3%) savings exceed the maximum limit of 10mln and 5mln tenge. They will receive their savings at the fourth stage, from the liquidation commission," Chairperson of the Deposit Insurance Fund Bakyt Kogylov says.

According to him, after the temporary administration of Kazinvestbank finishes its work, a liquidation commission will be established which will define the order of payments. The total sum of guarantee payment will comprise approximately 768mln tenge.

As soon as the court's decision enters into force, the Deposit Insurance Fund will launch the procedure of payment.

In turn, Chief of the Temporary Administration Jemma Zinullina reminded that despite the bank lost its license, borrowers will have to repay their loans.