Kazkommertsbank

Apr 26, 2023

Kazakhstan's Halyk Bank must adjust profits after state support - regulator Kazakhstan's Halyk Bank must adjust profits after state support - regulator FILE PHOTO: The logo of the Halyk Bank is seen in the bank's headquarters in Almaty, Kazakhstan, April 12, 2016. REUTERS/Shamil Zhumatov 26 Apr 2023 02:26PM (Updated: 26 Apr 2023 02:26PM) ASTANA : Kazakhstan's banking regulator plans to block Halyk Bank and other lenders that have received state support from paying dividends until they adjust profits to account for that help, it said on Wednesday. Shareholders of Halyk, the Central Asian nation's biggest bank, plan to vote on May 25 on the board's proposal to pay out half of its 2022 profit in dividends. Abylkassymova said Halyk, in particular, needed to adjust its profits to account for the support it received when it took over Kazkommertsbank in 2017. Kazkommertsbank had offloaded its bad assets to a special state fund before the merger. She did not say how much exactly Halyk had received and it was unclear how much the authorities wanted it to pay back. Halyk Bank is controlled by Kazakh businessman Timur Kulibayev and his wife Dinara who is a daughter of former president Nursultan Nazarbayev. Nazarbayev resigned in 2019 but had retained sweeping powers as the leader of the ruling party and the head of the security council until early 2022 when he and his successor Kassym-Jomart Tokayev fell out amid violent unrest. Source: Reuters