In 2024, two Kazakhstani banks changed ownership, while two others received additional capital investments from their majority shareholders. The banks affected by these changes were Bereke Bank, Al Hilal, Home Credit Bank and ForteBank.
The state-owned holding Baiterek sold its 100% stake in Bereke Bank to Lesha Bank from Qatar for $125.7 million last year, according to Forbes.kz.
Moreover, Kazakhstan’s regulator also authorized the acquisition of 100% of Al Hilal’s common shares by Abu Dhabi Commercial Bank (ADCB). In October, some media outlets reported that ADCB became the direct owner of Al Hilal, renaming it ADCB Islamic Bank.
Home Credit Bank also reported changes in its ownership structure. PPF Group, an international diversified investment group from Czechia, increased its stake in the Kazakhstan subsidiary bank from 7.5% to 9.9% in Q3 of 2024. This was achieved by acquiring shares from Pavel Gorak, one of PPF’s top executives. However, the bank’s largest shareholder remains Czech billionaire Jiri Smejc, who owns a 34.7% stake in Home Credit Bank Kazakhstan.
Bulat Utemuratov, the majority shareholder of ForteBank — who ranked sixth among the 75 richest people in Kazakhstan last year — increased his stake in the bank’s capital from 80.11% to 89.01%. He acquired a 1.5% stake from Eldar Abdrazakov, the owner of Centras Group (ranked 70th among the 75 richest businessmen in Kazakhstan), and 7.34% from his son, Alidar Utemuratov.
As of early February, nine out of 21 commercial banks in Kazakhstan were controlled by businessmen listed among the country’s richest people, according to Forbes Kazakhstan.
