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NB chairman compared Delta Bank with "stone purse"

14.11.2017 Almaty. November 14. KazTAG - The credit portfolio of Delta Bank was not diversified- the loans were given to the projects connected with business of its shareholder, said Daniyar Akishev, chairman of the National Bank.
"The worst thing is that Delta Bank had mono-business, almost all the portfolio was connected with agriculture, factually with the business of one shareholder. The bank had to diversify its activity and to stop being dependent on one product or one branch. It had to develop risks assessment system. They did not do it," he said in the interview published on the site of the regulator.
He said the bank was like "a stone purse", it financed only the projects associated or connected with the business of its shareholder.
"If this financing was conducted by the owned funds of the shareholder, it would not have such a level of risk. But the bank was attracting money, first of all, from quasi-state sector," he said.
He marked "almost all the credits in the bank were provided under the pldge of the money which would come in the future".
"Factually, it was air. When the moment came to pay on the liabilities of the quasi-state sector, it turned out all the money was in credits without any hard collateral, there were no payments of the credits," he said.