September 6, 2018 / 4:42 AM / 2 months ago

UPDATE 1-Kazakhstan's No.2 lender boosts liquidity with cenbank loan

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ALMATY, Sept 6 (Reuters) - Tsesnabank, Kazakhstan’s second-biggest lender by assets, has taken out a short-term, 150 billion tenge ($405 million) loan from the central bank to boost liquidity, the company said on Thursday.

The bank, whose reports pointed to a sharp liquidity drop in the second quarter, said it has already repaid 100 billion tenge and would pay back the remainder soon as it had “sufficient amount of liquid assets”.

The central bank, contacted by Reuters, confirmed the partial repayment.

The oil-exporting country’s banking system has been volatile since 2015 when global energy prices plunged and the local property market crashed, leaving many lenders saddled with bad debt and devalued collateral.

Tsesnabank, which has become Kazakhstan’s second-biggest lender following the merger of bigger rivals Halyk and KKB, is controlled by the family of Adilbek Zhaksybekov, President Nursultan Nazarbayev’s chief of staff. (Reporting by Mariya Gordeyeva, Writing by Olzhas Auyezov; Editing by Kim Coghill and Sherry Jacob-Phillips)

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