Bank CenteCredit (BCC) acquired Alfa Bank for $111 million, according to the bank’s financial statement for 2022 published by KASE. As a result of the deal, the bank gained $187 million in revenue. The deal was closed on May 5, 2022, although no details of the deal were disclosed at…
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…
Halyk Bank has reported losses associated with the selling of its subsidiaries in Russia and Tajikistan: Moskommertsbank and Halyk Bank Tajikistan, according to data published on the Kazakhstan Stock Exchange (KASE) website. KASE data shows that the bank estimated its losses associated with the selling of Moskommertsbank at $41.1 million.…
The Bostandyk district court in Almaty has arrested common and privileged shares of Jusan Bank that belong to First Heartland Securities, the majority stakeholder of the bank, according to the Kazakhstan Stock Exchange (KASE). The court arrested 131.3 million common and privileged shares belonging to First Heartland Securities – the…
As the Kursiv edition came to know, business structures affiliated with the Russian Sinara Group have become the new owner of Moskommertsbank, a former subsidiary of Halyk Bank. Sinara, which is based in Yekaterinburg, previously was controlled by Russian billionaire Dmitry Pumpyansky. He also owned TMK, a metallurgic company that…
According to Lyazzat Satiyeva, head of the Kazakhstani Eurasian Bank, the Central Bank of the Republic of Uzbekistan has given the bank preliminary permission to open a subsidiary in the country. The official noted that Eurasian Bank filed its application to the Central Bank in December 2022. Earlier last year,…
According to Olzhas Kizatov, deputy head of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan (ARDFM), about seven banks might be affected by new restrictions the agency is going to impose on dividend payout policy. All these banks have received financial support from…
Kyrgyzstan plans to raise the minimum rate for commercial banks’ registered and equity capital. The rate may be about $23.2 million for too-big-to-fail banks. The Kursiv edition has tried to determine whether these changes will affect Optima Bank and Halyk Bank Kyrgyzstan, the two subsidiaries of big Kazakhstani banks. The…
The government of Uzbekistan has reduced the value-added tax (VAT) to 12%. The new rule entered into force on January 1, 2023. The authorities expect that the move will help reduce the shadow economy, stimulate business activity in the country and increase public revenues. After reducing the VAT to 12%,…
Mikhail Lomtadze, CEO and co-founder of Kaspi has bought two million shares of the company from another stockholder Vyacheslav Kim. As a result, Lomtadze is the second largest stockholder after Baring Vostok, according to the company’s data from January 1, 2023. According to KASE, Lomtadze’s share in Kaspi increased from…
OTP Group, the leading financial organization in Hungary, has finally signed a purchase agreement with Uzbekistan’s Ipoteka-Bank. A long-awaited deal Even though the deal between Ipoteka-Bank and OTP Group was expected to be closed within two months, it took almost a year because of the Russian invasion of Ukraine. OTP’s…
The U.S. Office of Foreign Assets Control doesn’t mind if individuals who left Russia for Kazakhstan are using Russian payment cards Mir in their daily life, according to the Agency for Regulating and Development of the Financial Market in Kazakhstan. «Kazakhstan’s commercial banks can accept any payments and money transfers…
The holding is going to complete the deal with the acquisition of Sber subsidiary in Kazakhstan
More than $147.5 million will be allocated by the development bank through lending facilities
Foreign banks have frozen $21.3 million from three banks in Kazakhstan due to sanction requirements
