Halyk Bank to purchase Kazakhstan-based HSBC subsidiary

Halyk Bank has signed an agreement with HSBC Bank plc (HSBC) to purchase 100% of shares in the Kazakhstan-based subsidiary, Halyk Bank’s Press Service reports. According to the press-release, the deal is subject to approval and is expected to be finalized in 2014. Ms. Umut Shayakhmetova, Halyk Bank Chairwoman of the Board, emphasized that the deal would enable to strengthen the Bank’s position in the banking sector, attract new retail clients among other things. “The professional team of Kazakhstan-based HSBC subsidiary is an important component of the deal. We plan to rely on their expertise to further develop Halyk Bank Group”, the press-release quotes her as saying. Halyk Bank plans to own and manage Kazakhstan-based HSBC subsidiary as a separate legal entity. Halyk Bank is the leading bank in Kazakhstan in terms of its client base. It is a versatile financial group offering banking, insurance, leasing, brokerage and asset management services to its retail and corporate clients. It operates in Russia, Georgia and Kyrgyzstan. As of January 1, 2014 Halyk Bank was ranked 2nd in terms of its assets. Kazakhstan-based HSBC subsidiary has been operating in Kazakhstan since 1998. As of January 1, 2014, the bank was ranked 17th in terms of its assets.