Holding “Baiterek” plans to buy Sberbank of Kazakhstan

Holding “Baiterek” is negotiating the purchase of a subsidiary of Russia`s Sberbank, the Chairman of the Agency for Regulation and Development of the Financial Market of Kazakhstan Madina Abylkassymova informed, El.kz reports.

"Really, the sale of Sberbank of Kazakhstan is currently being discussed. It is a subsidiary of PJS Sberbank of Russia. This bank was included in the list of sanctions, which actually means that the bank won`t able to conduct operations in foreign currency, it had closed correspondent accounts, and the possibility of attracting new funding was limited. In this regard, Sberbank Russia has decided to sell its subsidiary and is negotiating with Baiterek Holding about the sale. The details of the deal, I think, the parties will announce closer to the date of completion of the transaction," Abylkassymova said.

The Agency for Regulation and Development of the Financial Market will monitor compliance with all legislative norms during the making a transaction.

"At the time of the introduction of sanctions, Sberbank of Kazakhstan ranked second position in terms of assets in the banking system of Kazakhstan. Currently, its assets have declined, but the bank remains as the stable and solvent bank. If the transaction takes place the right of ownership, that is, 100 % of the shares will be transferred to the relevant buyer, this will not require obtaining a new banking license," Madina Abylkassymova added.