Former Sberbank subsidiary in Kazakhstan could be acquired by new investor

An investor from Qatar is evaluating Kazakhstan's Bereke Bank - a former subsidiary of Sberbank, chairman of the Agency for Regulation and Development of the Financial Market of Kazakhstan Madina Abylkasymova said.

According to Abylkasymova, now there is only an evaluation of this bank by the investors, based on the results of which they will determine the price. She did not disclose the name of the potential investor.

In addition, Abylkasymova said that the regulator has begun revision of banking legislation to facilitate conditions for entry of foreign banks into the Kazakh market.

Sberbank's subsidiary in Kazakhstan in March 2022 was subject to the U.S. sanctions. Sberbank and Kazakh national holding Baiterek carried out a deal to sell the subsidiary. After the transaction, the financial organization changed its name to Bereke Bank. In 2023, the bank was removed from sanctions lists.