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Temporary administration mode extended at Eurasian Savings Bank

The Board of the National Bank of Kyrgyzstan adopted a resolution on extension of the special regime of temporary administration at Eurasian Savings Bank OJSC. Website of the National Bank of the Kyrgyz Republic says.

The regime was extended from December 28, 2019 for six months. Abduldabekova R.A. was appointed an interim administrator at Eurasian Savings Bank.

Earlier, the National Bank introduced a temporary administration regime at the ESB due to non-compliance with the requirements for minimum amount of authorized capital. According to the law, it should be 600 million soms. However, introduction of this regime does not mean that the bank will be closed. While litigation is ongoing, an interim administration regime will be in force in the bank.

Recall, 46.59 percent of the shares of Eurasian Savings Bank have been transferred to the state. By the decision of the courts of Kyrgyzstan, 69.9 percent of its shares are subject to state ownership. In April 2017, the State Property Management Fund reregistered 998,000 shares in favor of the state, which is 6.65 percent.

Eurasian Savings Bank OJSC is a former KyrgyzCreditBank. It was renamed in April 2016. Then, the former prime minister, Zhantoro Satybaldiev, became a member of the Board of Directors of the ESB. A conservation regime at KyrgyzCreditBank OJSC has been in effect since January 31, 2011 in connection with initiation of a criminal case against its shareholders and officials. Activities of the financial institution were associated with the ex-president’s son, Maxim Bakiyev.

After change of shareholders, the Prosecutor General’s Office confirmed absence of any charges against the new shareholders of KyrgyzCreditBank.

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