Kazakhstani authorities are looking for someone to buy Bereke Bank

According to Madina Abylkasymova, head of the Agency for Regulation and Development of the Financial Market (ARDFM) in Kazakhstan, the government is looking for buyers for its Bereke Bank.

«On March 8, 2023, the bank was removed from the SDN list. Currently, it is performing quite well. For instance, its rate of capital adequacy is about 10%. Now, the Baiterek holding that controls Bereke Bankis going to find investors interested in acquiring a stake in it,» Abylkasymova said to journalists.

She also noted that there are several potential buyers, including the European Bank for Reconstruction and Development (EBRD) and investors from the UAE, Qatar and Georgia.

«The EBRD has shown interest in the deal but it can’t acquire more than 25% share due to its objective limitations. I think we are going to see many investors interested in acquiring Bereke Bank,» the ARDFM head said.

According to Abylkasymova, the government of Kazakhstan didn’t use public money when it acquired Bereke Bank.

«No public money, not a penny was used for that deal. Moreover, the government hasn’t poured money into the bank since then,» she highlighted.

The former subsidiary of the Russian Sberbank was put on the U.S. sanction list in April 2022. After that, the National Managing Holding Baiterek bought out the entity and renamed it Bereke Bank. In February 2023, The Wall Street Journal wrote that the U.S. government was going to lift sanctions from the bank. In a response to the Kursiv edition’s request, Bereke Bank said that OFAC would launch the delisting of the bank from its sanction list on March 8.