Finance • 27 September, 2018

The bank has always been and remains a reliable financial partner for domestic agroindustrial enterprises — Ulf Wokurka ​​​​​​​

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At a press conference for media representatives, Chairman of the Board of Tsesnabank JSC Ulf Wokurka reported that the artificially created worries around the bank went down and in the coming days the bank's work will be returned to normal mode.   

The recently elected Chairman of the Board of Tsesnabank JSC Kairat Satylganov and board member Nikolay Meshcheryakov also took part in the press conference. 

Speaking about the situation with the bank, Wokurka noted that the bank today continues to fulfill prudential standards, serves customers and meets all the requirements of the regulator.

"In those days, when I joined the experienced and hard-working staff of the bank, we had a special situation. An artificial agiotage was created, rumors were launched that were not based on any actual information, and called for the withdrawal of deposits from the bank. There was a snowball that complicated our work in the usual way. We switched to work in emergency mode as part of the contingency plan," Wokurka explained. 

According to the bank's estimates, since the beginning of September, the outflow of deposits of both legal entities and individuals from the bank amounted to 10% of all deposits in the region. Ulf Wokurka noted that the peak of excitement occurred in the middle of the last week and its declining. In the coming days, the bank's work will be returned to normal mode. 

"The situation is stabilizing. Tsesnabank is a stable institution that offers competitive conditions, tariffs to its customers. Customers have no reason to withdraw all their money. Today we successfully manage and execute client orders and conduct transactions," the chairman said. 

According to him, in the near future the bank will begin to refine and partially revise its development strategy and by the end of 2018 a new strategy will be announced. 

In addition, last week a deal was concluded between the Government of Kazakhstan, the National Bank and Tsesnabank JSC, within the framework of which the Fund for Problem Loans purchased 30 large borrowers from the bank. The size of the deal amounted to 450 billion tenge. 

"I believe that the measures of the Government and the National Bank are a good example of cooperation between the private sector and state bodies. We, within the framework of our agreements, have identified 30 large borrowers of the agricultural sector, which buy out from Tsesnabank the Fund for Problem Loans through their own funds. A lot of work has been done in recent days. To date, the transaction is completed. We signed a sales contract, an act was drawn up and signed. In the next few days, the bank will receive money for these treasury assets," Wokurka informed. 

Also, shareholders of Tsesnabank JSC intend to carry out additional capitalization at their own expense in the near future. 

"I am happy to report that the shareholders of Tsesnabank decided to reinforce the bank with an additional capital injection of more than 35 billion tenge, which will give us additional liquidity, strength and stability of our bank," said Wokurka. 

Chairman of the Board of Tsesnabank JSC Kairat Satylganov noted that the bank, being systemically important in the Kazakh financial market, is the leader in lending to the agricultural sector.

"The bank initially developed in the central and northern regions, where the economy is based on agriculture. For many years, Tsesnabank has been one of the main participants in state programs to support agricultural producers. Annually the bank allocated huge sums to support agricultural enterprises. It should be borne in mind that today about 42% of Kazakhstan's population lives in rural areas. Many of them work in those enterprises that are financed through Tsesnabank," Satylganov said. 

In general, the share of Tsesnabank accounts for almost ⅔ of the total funding for projects under the Agrobusiness 2020 Program. 

Therefore, the board chairman considers it quite natural that Tsesnabank participates in the new measures of the Government and the National Bank to support the agricultural sector. 

"Tsesnabank fully supports the measures taken by the Government, the National Bank and Kazagro Holding. They are all aimed primarily at reducing the debt burden and allocating funding, which is necessary for today. I would like to note that after the transfer of a part of the agricultural loans, Tsesnabank will keep the agricultural projects in its portfolio. We will continue to work with them. I want to emphasize that Tsesnabank has always been and remains a reliable financial partner for domestic enterprises of the agro-industrial complex. It is very important for us that the bank's good name is the main capital for shareholders. In this direction, we will continue our work," said Satylganov.

Member of the Board of Tsesnabank Nikolay Meshcheryakov, in his turn, noted that the credit load on those agricultural projects that remained in the bank's portfolio will be reduced.

"Because foreign currency loans, which significantly influenced the financial burden of agricultural companies, will now be at a low interest rate in tenge, which will allow agricultural enterprises to develop more successfully," Meshcheryakov said. 

He explained that agricultural enterprises, which are borrowers of the bank, achieve impressive results in their activities, introducing new technologies, growing new more efficient seeds of crops, using liquid fertilizers and special biological supplements. 

At the same time, Meshcheryakov noted that in order to further improve the bank's activity, the shareholders decided to introduce the best practice of corporate governance in the bank. 

"One of the most difficult principles of this system is the non-intervention of the shareholder in the current activity of the bank. The composition of shareholders does not change. We stay here, support the bank, implemented the capitalization in two stages," he said.

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