Article 132. Transitional provisions of the Law on Banks and Banking Activities in the Republic Kazakhstan

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1. An organization specializing in improving the quality of credit portfolios of second-tier banks, the sole shareholder of which is the Government of the Republic of Kazakhstan, has the right:

1) issue shares to form the authorized capital, as well as bonds to finance their own activities;

2) buy back its own outstanding shares and bonds;

3) to assess the quality of assets, rights (claims) of banks and (or) legal entities that were previously banks, in order to make a decision on their acquisition;

4) acquire from the National Bank of the Republic of Kazakhstan and banks doubtful and uncollectible assets, other rights (claims) and assets, manage them, including by transferring them to trust management, own them and (or) sell them.

In case of transfer of rights (claims) from the National Bank of the Republic of Kazakhstan to an organization specializing in improving the quality of loan portfolios of second-tier banks, the consent of the borrower, the pledgor, the guarantor and other persons for such transfer is not required.;

5) evaluate shares and (or) bonds issued by banks;

6) to acquire shares and (or) participation interests in the authorized capital of legal entities, including legal entities, the rights (claims) to which were acquired from banks and (or) legal entities that were previously banks, to manage them, including through transfer to trust management, to own them and (or) implement them;

7) acquire shares and (or) bonds issued by banks, manage them, including by transferring them to trust management, and (or) sell them;

8) lease (lease) property acquired and (or) obtained from banks and (or) legal entities that were previously banks, or use another form of paid temporary use of such property, transfer it to trust management;

9) perform operations on securitization of rights (claims) and other assets acquired from banks and (or) legal entities that were previously banks;

10) create (acquire) an organization that acquires doubtful and uncollectible assets;

11) acquire rights (claims) and (or) other assets from legal entities that were previously banks, including shares and shares in the authorized capital, manage them, including by transferring them to trust management, and (or) sell them.

If, as a result of the transaction provided for in part one of this subparagraph, property is acquired in the amount of ten percent or more of the assets of an organization specializing in improving the quality of credit portfolios of second-tier banks, the decision to conclude such a transaction is made by the shareholder of this organization.

If, as a result of the transaction provided for in part one of this subparagraph, the rights (claims) of the creditor are transferred, the consent of the borrower, the pledgor, the guarantor and other persons for such transfer is not required. At the same time, the identity of the new creditor is recognized as of no significant importance to the debtor.;

12) purchase securities and other financial instruments, as well as place money in second-tier banks, the National Bank of the Republic of Kazakhstan on the terms of bank account and bank deposit agreements;

13) carry out financing on the terms of payment, urgency and repayment of banks and (or) legal entities that were previously banks;

14) acquire the services of subsidiaries for managing stress assets;

15) implement special programs developed and approved by the Government of the Republic of Kazakhstan and (or) the National Bank of the Republic of Kazakhstan;

16) carry out debt restructuring on assets, including rights (claims), write off and (or) cancel in whole or in part the principal debt and (or) remuneration, commissions, penalties (fines, penalties), other debts, manage assets and realize them, recognize possible losses arising as a result of these actions;

17) to sell and (or) provide for property lease (lease) or trust management of property accepted to repay rights (claims) acquired and (or) received from banks and (or) legal entities that were previously banks, and accounted for as assets in accordance with international financial reporting standards; and requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting;

18) partially or completely write off (forgive) obligations for which performance has been terminated;

19) to attract collection agencies to collect debts on bank loans with a delay in fulfilling obligations under a bank loan agreement of more than ninety consecutive calendar days, as well as to foreclose indisputably on the money held in the borrower's bank accounts by submitting a payment claim in accordance with paragraph 9 of Article 61 and paragraph 2 of Article 62 of this Law;

20) carry out other types of activities established by the Government of the Republic of Kazakhstan.

The procedure for the implementation by an organization specializing in improving the quality of credit portfolios of second-tier banks of the activities provided for in this paragraph, as well as the requirements for the assets and rights acquired by it, is established by a regulatory legal act of the Government of the Republic of Kazakhstan.

An organization specializing in improving the quality of second-tier banks' loan portfolios is recognized as a lender (lender) for a bank loan operation by the rights (requirements) assigned to it under bank loan agreements and has all the rights and obligations established by the bank loan agreement.

2. A legal entity that was previously a bank, in respect of which, on the basis of a judicial act that entered into force, restructuring was carried out in accordance with the legislation of the Republic of Kazakhstan, ninety or more percent of the voting shares of which, as of December 31, 2013, belonged to the national management holding:

1) has the right to keep the word "bank" in its name;

2) has the right to collect and process personal data of clients of the parent bank, the rights (requirements) and obligations under which are transferred during the operation specified in this article, without the consent of the subjects of personal data or their legal representatives;

3) is recognized as a creditor (lender) for the rights (claims) transferred to it and retains the rights and obligations of the creditor (bank, lender) for the remaining rights (claims) established by bank loan agreements;

4) is not an organization that performs certain types of banking operations.

According to the requirements of the legal entity specified in part one of this paragraph, the limitation period established by Article 66 of this Law does not apply to borrowers for non-fulfillment and (or) improper fulfillment of obligations under a bank loan agreement.

In case of reorganization of the legal entity specified in the first part of this paragraph:

1) all assets, including rights (claims), and obligations of the specified legal entity, including those related to its restructuring, simultaneous transfer of assets and liabilities, and other operations (transactions) performed prior to the reorganization, are transferred to its legal successor(s) in accordance with the separation balance sheet and (or) transfer certificate;

2) the transfer of assets, including rights (claims), and obligations of the specified legal entity to its legal successor(s) does not require amendments to contracts concluded by the specified legal entity with individuals and legal entities, in terms of specifying a new party;

3) the transfer of assets, including rights (claims), and obligations of the specified legal entity to its legal successor(s) does not require the consent of the borrower, the pledgor, the guarantor, or any other person.

3. A bank operating on the basis of a license for banking and other operations issued prior to the entry into force of this Law shall, within six months from the date of entry into force of this Law, apply to the authorized body with an application for the renewal of the said license into a universal banking license in accordance with the procedure established by Article 19 of this Law.

A bank, the amount of its equity capital as of the date of entry into force of this Law does not correspond to the minimum amount of equity capital of a bank with a universal banking license established by the authorized body, is obliged, within one year from the date of entry into force of this Law, to ensure that the amount of its equity capital corresponds to the specified minimum amount.

In case of non-fulfillment of the requirement provided for in part two of this paragraph, the bank, within three months from the date of expiry of the period established by part two of this paragraph, is obliged to apply to the authorized body with an application for the renewal of the universal banking license into a basic banking license in accordance with the procedure established by Article 19 of this Law.

4. The Council of Representatives of the Banking Ombudsman, formed before the enactment of this Law, operates until January 1, 2027.

5. An individual borrower, after contacting the bank, has the right to apply to the banking ombudsman in a pre–trial dispute settlement procedure in the following cases::

1) receiving the bank's decision to refuse to make changes to the bank loan agreement proposed by the borrower;

2) failure to reach a mutually acceptable decision on changing the terms of the bank loan agreement;

3) failure to reach an agreement with the bank regarding the satisfaction of the rights and legally protected interests of the borrower, including those recognized as victims of a criminal offense related to the fraudulent issuance of a bank loan.

In the cases provided for in subitems 1) and 2) of this paragraph, an individual borrower has the right to apply to the banking Ombudsman within fifteen calendar days with simultaneous notification to the bank of the application to the banking Ombudsman.

During the period of consideration by the banking ombudsman of an application from a borrower belonging to socially vulnerable segments of the population in accordance with the Law of the Republic of Kazakhstan "On Housing Relations", for a mortgage loan, including a mortgage housing loan not related to business activities, judicial or extrajudicial foreclosure on mortgaged property is not allowed.

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

President

Republic of Kazakhstan

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