The Agent Bank Subsidiary VTB Bank JSC (Kazakhstan) will continue making payments to the depositors of Qazaq Banki JSC across our whole affiliated network until December 24, 2019. Relevant agency agreement between the Agent Bank and Kazakhstan Deposit Insurance Fund (KDIF) was signed on Friday, June 21. Payment is carried out on behalf and at the expense of KDIF.
Deposits of 18 thousand depositors and individual entrepreneurs were allocated in Qazaq Banki JSC. From the start date of payments on December 24, 2018, indemnification for the total amount of 20.2 billion KZT were paid to the depositors, which is more than 98% of initial amount of payments.
The amount of liabilities, which remain unclaimed so far, is 325 million KZT, i.e. not more than 2% of the initial amount. However, at the moment less than one third of the depositors claimed the payment. Around 80% of the depositors, which HAD NOT claimed their deposits yet, had deposits of less than five thousand KZT, and 14% has deposits of more than one hundred thousand KZT. Today the largest unclaimed amount is 13.4 million KZT. Depositors from Semey, Petropavlovsk and Ust-Kamenogorsk apply least actively.
To ensure quickest possible, convenient payment for these depositors, the Agent Bank Subsidiary VTB Bank JSC (Kazakhstan) and Kazakhstan Deposit Insurance Fund made decision to continue using the infrastructure and affiliated network of the Agent Bank, which today accounts for 17 affiliates and 28 branches across Kazakhstan. The depositors are entitled to address all the branches of the Agent Bank on any business day before December 24, 2019.
The Agent Bank Subsidiary VTB Bank JSC (Kazakhstan) pays indemnity based on the identity document and application of the depositor, the form of which may be obtained and filled in in the branch. Payment of indemnity per power of attorney is also possible. The money shall be paid in cash, by wire transfer to the bank account; you can open a deposit in the Agent Bank in the amount of payment. Maximum period of payment is 5 business days, however, about 90% of depositors receive payment on the same day.
Kazakhstan Deposit Insurance Fund pays indemnity to physical persons and individual entrepreneurs – clients of Qazaq Banki JSC:
· under deposits in KZT – in the amount of deposit considering capitalized remuneration, but not more than 10 million KZT inclusive,
· under deposits in foreign currency – in the amount of deposit considering capitalized remuneration, but not more than 5 million KZT inclusive. Indemnity under the deposits in foreign currency shall be paid in KZT; market exchange rate as of December 12, 2019 is applied for calculation.
For the deposits of one depositor, allocated in Qazaq Banki JSC both in KZT and foreign currency, aggregate indemnity of up to 15 million KZT is paid, herewith not more than equivalent of 5 million KZT under the deposit on foreign currency.
KDIF pays indemnity under deposits, current accounts and payment cards, opened in Qazaq Banki JSC.
95% of deposits in Qazaq Banki JSC were opened within the maximum guaranteed amount and the depositors received indemnity of the whole amount of their deposits. At the moment of the beginning of payment, the amount of KDIF’s liabilities to the Qazaq Banki JSC”s depositors was not more than 3% of KDIF’s reserve capacity. The amount of liabilities, which still remain unclaimed, is 0.04% of the reserve capacity, which is available at the moment.
You can get free specialist advice on payment to Qazaq Banki JSC’s depositors and on deposit guarantee in the KDIF’s call center at short code 1460.
You can get acquainted with the list of affiliates and branches of the Agent Bank Subsidiary VTB Bank JSC (Kazakhstan) at the website: www.vtb-bank.kz. You can also get information on the work of affiliates and branches in the directory service at short code: 5050 (free from mobile phone).
Background
On August 27, 2018, Qazaq Banki JSC was barred from all banking transactions based on the resolution of the Board of the National Bank of the Republic of Kazakhstan.
On October 24, 2018, Specialized Interdistrict Economic Court of Almaty city made decision on enforced liquidation of Qazaq Banki JSC.
On December 12, 2018, decision of SIEC of Almaty city dated October 24, 2018, took legal effect.
On December 24, the Agent Bank Subsidiary VTB Bank JSC (Kazakhstan) started payment of indemnity to the depositors on behalf and at the expense of KDIF. Around 90% of liabilities to the depositors were fulfilled within the first month from the beginning of payment.