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.