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Friday, July 21, 2017

BTA Bank responds to bankruptcy rumors

BTA Bank recently issued a statement in response to rumors in social media about the possible bankruptcy of a number of Kazakh commercial banks.

"BTA Bank considers it necessary to inform all interested parties that the bank is operating normally, and there is no reason to worry," the bank said. "The bank is a reliable and stable financial institution whose activities are carried out under the supervision of the state represented by the main shareholder of Samruk-Kazyna JSC and Kazakh regulators. Tenge devaluation does not affect either the safety of deposits placed with the bank or its ability to fulfill its obligations to customers. An available bank liquidity reserve allows it to promptly and fully perform all obligations to customers: to charge interest on deposits and depositors to return their deposits in accordance with the terms of contracts."

The bank said that Moody's has upgraded the long-term deposit ratings of the bank in national and foreign currency from "Caa1" to "B3." Moody's has also upgraded the Baseline Credit Assessment of the bank from "caa3" to "caa2."

"In connection with the foregoing, the bank appeals to all its customers with a request - not to succumb to provocations, distribute inaccurate information to make intelligent and informed investment decisions based on common sense and verified information from official sources. The bank will continue to work as usual, providing a wide range of services and providing high quality service to its customers," the bank said.