JSC Kazakhstan Deposit Insurance Fund (hereinafter – the KDIF) and the State Corporation "Deposit Insurance Agency" of the Russian Federation (hereinafter - the Agency) signed a bilateral Memorandum of Understanding and Cooperation on June 10, 2014 in Moscow, Russian Federation.
The document is aimed at the development of bilateral cooperation in the field of enhancing the effectiveness of deposit insurance systems, strengthening stability of the banking systems of the Republic of Kazakhstan and the Russian Federation, including maintenance of public confidence in the banks operating within the territory of both countries.
According to the Memorandum, the parties agreed to share experience between themselves in the field of deposit insurance, resolution of troubled banks’ failure, usage of specialized information systems and the development of electronic databases, implementation of joint research and analytical projects.
The KDIF is interested in collaborating with the Agency in the fields of problem banks’ liquidation and management of the banks’ liquidation estate, as well as the troubled banks’ resolution (their financial restructuring).
Bakyt Kogulov, Chairman of the KDIF: "Signing of this Memorandum of Understanding and Cooperation proves once again that close economic relations between the Republic of Kazakhstan and the Russian Federation are being implemented in practice within the framework of both countries’ participation in the Eurasian Economic Union. Given the intensive development of integration processes between the two countries, we should believe that there are serious grounds and reasons for strengthening mutually beneficial cooperation between the Agency and the KDIF, "- he said.