Regulator extends review of Kazakh billionaire’s Jusan Bank purchase bid

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has extended the review period for an application to purchase a controlling stake in Jusan Bank, submitted by Vyacheslav Kim, a co-founder of Kazakhstan’s fintech giant Kaspi.kz, the regulator stated in response to a Kursiv.media inquiry. The initial 50-business-day period stipulated by law expired in April.

According to the ARDFM, it is entitled to extend the review period for a term not exceeding two months, citing the need to «determine factual circumstances of significance for the application review.»

The regulator also noted that the results of the application review will be published on its website; however, no specific date was provided for when it could happen.

Forbes Kazakhstan reported on Kim’s intent to acquire a major stake in Jusan Bank in early February, and on Feb. 13, he confirmed to Kursiv.media that he had indeed applied to the ARDFM to acquire a 97.5% stake in the bank. However, the businessman did not disclose exactly when he had submitted the application. He emphasized, however, that the potential deal had nothing to do with Kaspi.kz, where Kim holds a 21.32% stake.

Currently, Kazakhstani businessman Galimzhan Yessenov owns 100% of Jusan Bank: 20.11% directly and 79.89% through First Heartland Securities. He gained control of the bank in 2023 following judicial proceedings initiated by the Prosecutor’s Office, aimed at transferring the bank’s shares back under Kazakhstan’s jurisdiction. Prior to that, Yessenov held a stake of less than 20%, while management was carried out through a U.S.-registered endowment fund, the New Generation Foundation.