Kazakhstan's financial regulator has revoked the licence of Tengri Bank, a small local lender in which India’s Punjab National Bank is the biggest shareholder, it said on Friday.
The regulator said in a statement Tengri has repeatedly failed to observe prudential requirements and has not increased its capital as instructed by the authorities.
The bank, which accounts for just 0.3 per cent of Kazakhstan’s total banking assets, has struggled with bad loans initially extended to parties affiliated with its Kazakh shareholders, the regulator said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.