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Kazakhstan-based Halyk bank has closed the deal to purchase HSBC Kazakhstan, Halyk Bank’s Press Service reports.
“Halyk Bank is the sole shareholder and exercises full control over the purchased bank”, the press release issued today reads.
The newly purchased entity has been renamed to Altyn Bank and is to be a separate legal entity as planned.
Halyk Bank’s executives believe Altyn Bank will enable the Group to boost its operations with foreign companies based in Kazakhstan, including corporate salary projects, lending and mortgage operations for high-quality borrowers.
According to the press release, with its client base, Altyn Bank provides a great opportunity to develop private banking and Internet banking.
In terms of assets, Altyn Bank is ranked 18th in the Kazakhstan’s market. Its assets stand at 8% of the Halyk Bank’s overall assets.
Back in February HSBC Group announced that it would sell its Kazakhstan-based subsidiary to Halyk Bank, with the deal valued at $176 million.
Halyk Bank is the leading financial group and the largest retail bank in Kazakhstan. According to Newskaz.ru, a major shareholder is ALMEKS Group (controlled by Kazakhstan President’s daughter Dinara and her husband Tiimur Kulibayev).
HSBC Kazakhstan had been operating since 1998, catering to both individuals, corporate and institutional clients.
