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Money News

Kazakhstan revokes licence of affiliate of India's PNB

ALMATY (Reuters) - 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% of Kazakhstan’s total banking assets, has struggled with bad loans initially extended to parties affiliated with its Kazakh shareholders, the regulator said.

Reporting by Olzhas Auyezov; Editing by Tom Hogue

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