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Astana, Kazakhstan • 24 August, 2022 | 17:23

Baiterek Buys Sberbank's Kazakh Subsidiary

The parties plan to close the deal in the near future

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Baiterek National Managing Holding is in the process of purchasing the entire stake in Sberbank Kazakhstan, a subsidiary of Russia's state-owned banking service, Sberbank, Qazmonitor reports citing the press service of Baiterek.

"Sberbank decided to withdraw from Kazakhstan's market due to the current geopolitical situation. This decision is driven by customer care. Sberbank Kazakhstan has a sufficient liquidity cushion and a high-quality loan portfolio and has been one of the main banks in Kazakhstan for many years," the message reads.

The holding noted that when deciding to acquire Sberbank Kazakhstan, Baiterek assessed its importance for the country's financial system. The bank's up-to-date infrastructure and technologies will allow it to return to normal operations in a short time and continue financing the real sector of the economy of Kazakhstan.

The bank promised to continue fulfiling its obligations to customers and assured that all loan conditions for existing customers will remain unchanged.

The parties plan to close the deal in the near future, which will allow the bank to resume active operations, attract deposits, make payments, and continue developing products and services.

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