Article 129. Voluntary termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan of the Law on Banks and Banking Activities in the Republic of Kazakhstan Kazakhstan

     1. After a non–resident bank of the Republic of Kazakhstan decides to voluntarily terminate the activities of a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non–resident bank of the Republic of Kazakhstan is obliged to take measures to repay deposits from individuals by paying them directly or transferring them to a bank or branch of a non–resident bank of the Republic of Kazakhstan that are participants in the mandatory deposit guarantee system.

     The transfer of deposits of individuals to a branch of a non–resident bank of the Republic of Kazakhstan is carried out in compliance with the conditions provided for in paragraph 7 of Article 22 of this Law.

     2. A non–resident bank of the Republic of Kazakhstan has the right to apply to the authorized body with a request for permission to voluntarily terminate the activities of a branch of a non–resident bank of the Republic of Kazakhstan after the repayment of deposits from individuals and (or) transfer to a bank or branch of a non–resident bank of the Republic of Kazakhstan that are participants in the mandatory deposit guarantee system.

     The specified application must be accompanied by:

     a list of measures to terminate the activities of a branch of a non–resident bank of the Republic of Kazakhstan, indicating the timing of their implementation, approved by the management body of a non–resident bank of the Republic of Kazakhstan;

     a report on assets and liabilities, indicating that the branch of a non–resident bank of the Republic of Kazakhstan has sufficient funds to settle its obligations;

     other necessary information.  

     The list of documents and information attached to the application for a permit for the voluntary termination of a branch of a non–resident bank of the Republic of Kazakhstan, the procedure for issuing a permit for the voluntary termination of a branch of a non–resident bank of the Republic of Kazakhstan, as well as the procedure for returning deposits from individuals, transferring them to another bank or a branch of a non–resident bank of the Republic of Kazakhstan, which are participants in the system Mandatory deposit guarantees are determined by a regulatory legal act of the authorized body.

     3. The voluntary termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan is carried out in accordance with the procedure provided for in paragraphs 3, 4 and 7 of Article 117 of this Law.

     4. Upon receipt of a permit for voluntary termination of operations, a branch of a non–resident bank of the Republic of Kazakhstan creates a liquidation commission.

     The specifics of the activities of liquidation commissions of branches of non–resident banks of the Republic of Kazakhstan that voluntarily terminate their activities are determined by regulatory legal acts of the authorized body.

     5. The liquidation commission is obliged to submit it to the authorized body within seven calendar days after the approval of the report on the termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan. The authorized body decides on the completion of the procedure for the voluntary termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan.

     Upon completion of the procedure for the voluntary termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan, the liquidation commission is obliged to hand over the documents for storage to the archive in accordance with the established procedure and notify the authorized body accordingly.

     6. Satisfaction of creditors' claims of a branch of a non–resident bank of the Republic of Kazakhstan and all expenses related to the voluntary termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan are made only from the funds of a non–resident bank of the Republic of Kazakhstan, with the exception of assets of a branch of a non–resident bank of the Republic of Kazakhstan accepted as a reserve.

     The assets of a branch of a non–resident bank of the Republic of Kazakhstan accepted as a reserve are used by a non–resident bank of the Republic of Kazakhstan after satisfying the claims of all creditors of a branch of a non–resident bank of the Republic of Kazakhstan.  

The Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII SAM. 

President    

Republic of Kazakhstan     

© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan  

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