First Heartland Jusan Bank, operating under the Jusan Bank brand, has announced its rebranding, changing its name to Alatau City Bank. The decision was made during the annual general shareholders’ meeting held on May 15. The bank highlighted that the new name reflects its strategy and ambitions. The name will…
David Brown, a British citizen, has rejoined the board of directors of Bereke Bank, which he left at the beginning of the year, according to a statement from the Kazakhstan Stock Exchange (KASE) available on its website. The governing body of the credit institution, which was sold to the Qatari…
According to the latest report from Kazakhstan’s National Bank, the deposit volume increased by 2% in April, reaching 41.3 trillion tenge (approximately $81 billion) in the country. The upward trend was observed in deposits denominated in both national and foreign currencies. Despite the base rate remaining unchanged in April at…
Kazakhstan is expected to emerge as the regional leader in Islamic finance, according to a recent report by the Eurasian Development Bank (EDB). The report, developed in collaboration with the Islamic Development Bank, forecasts that Kazakhstan’s Islamic banking sector will grow to $3.3 billion by 2033. EDB’s analysts are optimistic…
The Central Bank of Russia foresees the base rate decreasing to a yearly average of 13% to 14% in 2026 and 7.5% to 8.5% in 2027. These projections were outlined in the regulator’s comment to the medium-term forecast, published on May 12, following a board meeting on the base rate…
Vyacheslav Kim has retained the top spot on the list of the richest Kazakhstanis in 2025. Timur Turlov rose from 5th to 2nd place, while Vladimir Kim stepped up from 4th to 3rd. Timur Kulibayev and his wife Dinara dropped from 2nd to 6th, and Bulat Utemuratov was ranked 6th,…
Kazakhstan’s latest macroeconomic review by analysts at the Applied Economics Research Centre (AERC) has amended the tenge exchange rate forecast to reflect its greater devaluation. In 2025, the exchange rate is expected to stand at 512.8 tenge per dollar on average, whereas the previous outlook from January suggested a rate…
The Development Bank of Kazakhstan (DBK), a subsidiary of Baiterek Holding, has borrowed €200 million from the European Investment Bank (EIB). This money will be spent on the support of energy and transport infrastructure, as reported by the Kazakhstan Stock Exchange (KASE). Over the past year, the DBK has already…
Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) is set to allow traditional banks to provide services under the Islamic window format. This is specified in a new draft law on banks and banking activities, which Dauren Salimbayev, director of the Department of Methodology and Prudential Regulation…
Kazakhstan’s National Fund has declined by 819.8 billion tenge (approximately $1.6 billion) since the beginning of the year, according to the Ministry of Finance. In early January, the fund stood at nearly $65.8 billion, but by the end of March, it had dropped to about $64 billion at the current…
In 2021, Freedom Bank launched its digital mortgage. Since then, the bank has issued 33,500 loans worth $1.2 billion to Kazakhstanis from various walks of life, Timur Turlov, the founder and CEO of Freedom Holding Corp., reported at a government briefing. «Our product — digital mortgage — allows borrowers to…
Kazakhstan’s fintech giant Kaspi.kz plans to acquire the Turkish subsidiary of the Dutch Rabobank, according to Bloomberg, citing people familiar with the matter. As reported by the media company, the negotiation process is underway, and no final decision has been made. Any potential deal must be approved by Turkish regulators.…
A possible acquisition of Jusan Bank by Vyacheslav Kim, a majority shareholder in Kaspi.kz and the richest person in Kazakhstan, may lead to synergy between the two financial institutions. It would also be an additional driver for Kazakhstan’s stock market, analysts from Freedom Broker believe. They made this assumption within…
In 2024, the number of automated teller machines (ATMs) in Kazakhstan decreased by 0.6% year-on-year (YoY) to 12,569 machines. This decline is occurring while the cash-out share in the payment card transaction composition has stabilized. Kursiv Research is trying to figure out whether this is the end of ATMs as…
Kazakhstan’s leading pension fund management entities have released performance reports for the past year. Kursiv.media analyzed them to see which entities outperformed their competitors. In 2024, pension asset management companies (PAMCs) in Kazakhstan delivered solid returns for depositors. However, six major players in this review showed mixed investment results. BCC…
Exchange rate volatility and high interest rates on tenge deposits make it challenging to objectively assess the trends in financial flows between banks and retail clients. To tackle these challenges, Kursiv.media sought to eliminate the impact of these two distorting factors to provide a clearer analysis. Kursiv.media surveyed Kazakhstan’s 10…
Kazakhstan’s authorities reported a more than twofold increase in the number of registered EVs — from 4,700 to 10,700 year-on-year. For some insurance companies, this means new opportunities as they launch new products specially designed for EVs, while for others this is unchartered territory, leading them to avoid optional insurance…
The National Bank of Kazakhstan has recently published financial indicators for second-tier banks for August 2024. The sector saw a rise in bad loans by $41 million, which represents only a minimal increase of 0.01%. Kursiv.media analyzed how the balance of power in the country’s banking system has shifted based…
On May 31, 2024, subsequent court hearings of a case against Binance are expected to occur as the country’s authorities accuse the cryptocurrency exchange of rendering services to Uzbekistani citizens without a proper license and refusing to pay a fine for violation of the national legislation. So far, there are…
As Halyk Bank told Kursiv, it still wants to sell its Kyrgyzstani subsidiary to the Visor group. Both sides have been waiting for approval from the Kyrgyz regulator for three months now. In 2019, Aidan Karibzhanov, the majority shareholder of Visor, commented on assets in the neighboring country: «We still…
According to the Agency for Regulation and Development of the Financial Market (ARDFM), in 2023, almost all segments of Kazakhstan’s banking sector reported growth over the 2022 results except for mortgages and retail lending. Consumer lending has risen by 34.1% to $22.8 billion, while equity capital of the entire banking…
Last year, expenditures associated with the management of the National Fund of Kazakhstan and its audit were three times bigger than in 2022, due to fees and bonuses to external managers for excess returns. On January 18, 2024, Kursiv covered the results of the National Fund of Kazakhstan in 2023…
While President Kassym-Jomart Tokayev was delivering his address to the nation, he said that it is necessary to spur corporate lending and justly noted that banks aren’t active enough in contributing to the economic growth of Kazakhstan. Сorporate loans to the GDP ratio has been declining since 2014. As a…
Over the period from January to April this year, Kazakhstan received more revenue from exports to Russia than over the same period last year. According to the Bureau of National Statistics (BNS), the amount of these exports reached $3.2 billion in terms of money. Such a significant increase in exports…
