500bn tenge deposits remain in Russian banks’ subsidiaries

NUR-SULTAN. KAZINFORM The subsidiaries of Russian banks in Kazakhstan hold a good quality loan portfolio, at around 1.7trln tenge, Chairperson of the Agency for Regulation and Development of Financial Markets Madina Abylkassymova said, Kazinform reports.

«Beginning from February 24, 2022 subsidiaries of three Russian banks – Sberbank Kazakhstan, Alfa-Bank Kazakhstan and VTB Bank Kazakhstan were also included in the sanctions list. Since then we have observed outflow of deposits from these subsidiary banks,» Abylkassymova said.

Major part of these deposits was transferred from one bank to another, she added.

According to her, the amount of individuals’ and legal entities’ deposits in Russia’s subsidiary banks make around 500bn tenge. All the requests on withdrawal and transfer of deposits from one bank to another were fully satisfied, she emphasized.

«Meanwhile, these banks hold a good quality loan portfolio, at around 1.7trln tenge. The amount of liquidity makes approximately 590bn tenge, thus they fully meet all the committments to the individuals and legal entities. It means that the banks are reliable and sustainable,» Madina Abylkassymova added.