Information on FPL

Fund of Problem Loans JSC (FPL) was established in 2012 to assist banks in the process of recover the balance sheet of non-performing loans (NPL) in order to fulfill the strategic task of improving the quality of the loan portfolio in the banking system.

From 2012 to 2017, the FPL was managed by the National Bank of the Republic of Kazakhstan. In 2017, the FPL was transferred to the management of the Ministry of Finance of the Republic of Kazakhstan.

The sole shareholder of the FPL is the Government of the Republic of Kazakhstan.

The mission of the FPL is to contribute to the improvement of the national economy through:

  1. NPL acquisition from commercial banks;
  2. Involvement of acquired NPLs into the economic turnover through their rehabilitation and sale.
Strategic vision of the FPL
By 2027, we are a professional management company and a national center of competence in the field of recovery of financial institutions’ loan portfolios, asset restructuring and distressed portfolio management.
The FPL is guided by the Principles, which ensure the transparency of the decision-making process and the repayment of funds allocated.
The areas of the FPL’s activity are the improvement of the banking sector and the involvement of the NPLs acquired into the economic turnover.
The FPL’s asset management strategy is aimed at the prompt and targeted return of assets to economic turnover while maintaining a constant and systematic cash flow from the sale of assets.
The first strategic direction of the FPL’s activity is to improve the banking sector in terms of ensuring the stable functioning of the financial system by developing and applying effective measures to clean up the balance sheets of second-tier banks from NPLs.
The second strategic direction of the FPL’s activities is the involvement of the NPLs acquired into the economic turnover through the rehabilitation of the assets (restructuring, attracting investors, pre-trial / judicial property sale, bankruptcy, etc.), the implementation of development projects, and the sale of assets of the FPL and its subsidiaries.

Membership in international organizations

The FPL is a member of the International Public Asset Management Company Forum (IPAF). The IPAF is an international platform for sharing successful strategies and knowledge, as well as for cooperation. The IPAF was formally launched through the initiative of 7 public Asset Management Companies::
  • China Cinda Asset Management Co., Ltd. (PRC)
  • China Great Wall Asset Management Corporation (PRC)
  • China Huarong Asset Management Co., Ltd. (PRC)
  • Korea Asset Management Corporation (KOR)
  • Sukhumvit Asset Management Co., Ltd. (Thailand)
  • Vietnam's Debt and Asset Trading Corporation (Viet Nam)
  • Fund of Problem Loans JSC (Kazakhstan)
The IPAF began its’ functions in 2013 and has 13 member institutions including the FPL. Over the period of its’ work, the IPAF held 4 summits and 6 training seminars.

Memorandum of Understanding with KAMCO

In 2018, a Memorandum of Understanding was signed between the FPL and the Korea Asset Management Corporation (KAMCO). KAMCO was established in 1962 as a subordinate organization of the Korea Development Bank to manage its problem assets. Later, KAMCO was reorganized and was given the competence to acquire and rehabilitate NPLs of financial institutions.