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IBAN standards

January 2010

Dear HSBC Bank Kazakhstan customers

This is to inform you that starting on 7 June, 2010, the Republic of Kazakhstan will adopt new International bank account numbers (IBAN) and new Bank Identification Codes (BIC), under the international standards ISO 13616: IBAN and ISO 9362: BIC, respectively.

In connection with these changes, HSBC Bank Kazakhstan is working to change our clients' account numbers to the new IBAN standard, as well as to clear up some issues and come up with some recommendations on what can be done to make the switch to the IBAN and BIC standards go over more smoothly.

What does IBAN mean?

IBAN is the International Standard for Bank Account Numbers, developed by the International Organization for Standardization and the European Committee for Banking Standards (it is used in more than 45 countries throughout the world). In implementing IBAN, we hope to improve automation of payment processing, lower the number of missent payments and the amount of time spent on their investigation and to decrease the time required to process international payments.

What does BIC mean?

BIC (Bank Identifier Code) is the universal method for specifically identifying participants in Kazakhstan's payment system.

Why are IBANs and BICs necessary?

In the Republic of Kazakhstan, the new bank account numbers (IBANs) and new bank identifier codes will be used both domestically and for international transactions.

What structure will Kazakhstan’s IBAN take?

Kazakhstan's IBAN numbers will consist of 20 alphanumeric symbols which can be deciphered as follows:

IBAN

In order to improve the readability of the IBAN, when in printed form, spaces may be inserted after every fourth symbol:
KZCC BBBX XXXX XXXX XXXX

However, when filling out payment and other documents in electronic form, the account number should be entered in full with no spaces and with no words or abbreviations (for example IBAN, A/C. Account No., etc.) appearing before the number:
KZCCBBBXXXXXXXXXXXXX

Which accounts will be included in the switch to IBAN?

All client bank accounts (including both current and savings accounts).

Which BIC structure is used in Kazakhstan?

The structure of BIC codes for parent banks will consist of 8 alphanumeric symbols using the latin alphabet:

BIC

What will the BIC be for HSBC Bank Kazakhstan, and when does it come in to force?

The new bank code for HSBC Bank Kazakhstan will be HSBC KZ KA, and comes into force on 7 June, 2010.

What steps should be taken by clients of the Bank?

  • HSBC Bank Kazakhstan will send out notifications to every client holding an account (accounts) at the Bank informing you of your new IBAN number(s). The notices will be sent by registered mail.
  • In order to avoid the Bank returning payments and money transfers from requests using the old account numbers that came in after 7 June, 2010, we recommend that you inform anyone you are expecting transfers from both in Kazakhstan and abroad, and anyone else who may need to know, about your new bank account details and about the Bank's new BIC code, as well as  the date these come into effect.
  • Please note that starting on 7 June, 2010, when making payments and money transfers within Kazakhstan and overseas, only the internationally standardized IBAN and BIC numbers should be used. This is mandatory for all payment documents.

What should I do to get more information?

If you have any questions, you can call any Bank department or the Bank’s Call centre at 259-69-00 in the city of Almaty or at 59-69-00, which is toll free for landlines within Kazakhstan.