Otbasy Bank, a state-owned bank specializing in mortgages, may become a «special product lender,» radically changing its image and geographic presence. It is set to expand its product portfolio by adding Islamic finance and leasing, according to Timur Onzhanov, deputy CEO of Baiterek Holding.
In an interview with Bloomberg, the official noted that Otbasy Bank is considering entering the markets of Uzbekistan, Malaysia, and the Middle East. Moreover, Baiterek Holding, the bank’s parent company, is not ruling out Otbasy going public.
These changes are part of a larger-scale transformation of Baiterek. Onzhanov, who oversees international cooperation, explained the essence of the new strategy.
«We will no longer simply distribute instruments and subsidies, but will be directly involved in project analysis, financial due diligence, and deal structuring. The full process, from sourcing and origination to distribution and structuring, will be handled in-house,» he said.
As of December, Otbasy Bank was the leader in deposit growth among large banks, with deposits up 12%. It also ranked third in terms of retail deposit growth in absolute terms, as the banking sector reported an 8.16% increase in deposits ($4.2 billion).
