Kazakhstan’s central bank has decided to revoke the licence of troubled lender Delta Bank and initiate the bank’s liquidation, the regulator said on November 3.
The central bank attributed the decision to Delta Bank’s repeated failure to make timely payments as well as its breach of regulatory ratios. Previously, the bank had its deposit licence stripped in May.
Delta is Kazakhstan's 14th largest bank. The bank’s assets amount to approximately $760mn.
S&P has downgraded Delta Bank’s long-term and short-term credit ratings from ‘CC/C’ to ‘D/D’ due to its failure to meet deadlines on payments.
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