House Construction Savings Bank of Kazakhstan began to work under a new name

Subsidiary of “Baiterek” NMH" JSC - “Housing Construction Savings Bank of Kazakhstan” JSC was renamed into JSC “Housing Construction Savings Bank “Otbasy Bank”.

Let us recall that the corresponding instruction was announced by the Head of State on May 11, 2020 at the final meeting of the State Commission for ensuring the state of emergency.

The abbreviated name will look as follows - Otbasy Bank JSC.

The only shareholder of the bank is the Baiterek holding with 100% rights to own and use the state block of shares. Only the official name of the Bank as a legal entity is changed.

Otbasy Bank remains a bank that implements the system of housing construction savings and does not change its functions as an operator of state housing programs.

At the same time, it is planned that in 2021 Otbasy Bank will become a full-fledged development and support institution, which will centrally carry out accounting, staging and distribution of housing. To implement the tasks set, it is planned to transfer the existing priority system from the akimats to Otbasy Bank and create a Housing Center, which will work on the principle of “one window” for all citizens in need of housing. In this case, citizens will no longer need to apply to several authorities in order to confirm their status in need of housing, stand in line, and then apply to the Bank for a loan.

- The developed infrastructure of the Bank, information and technological resources will accelerate the process of providing housing to citizens, primarily from socially vulnerable segments of the population, expand the ability to manage priority, optimize the procedure for obtaining housing for citizens in need of housing. At the same time, the Bank will continue its main activity within the system of housing construction savings”, serving more than 1.7 million depositors and about 181,000 borrowers, - commented Lyazzat Ibragimova, Chairman of the Board of Otbasy Bank, on the change of name.

Today the deposit portfolio of the Bank is 976 billion tenge. By the end of the year, it is planned to reach the figure of 1 trillion tenge.