| Headline: Kazakhstan Source: Euromoney Date: July 2001
Kazkommertsbank Consolidation is rapidly gathering pace in Kazakhstan’s banking sector, which is commonly acknowledged to be the most developed in the CIS region thanks to a programme of prudent financial legislation. The most progressive bank in the country and indeed, in the whole of the central Asia region, is Kazkommertsbank, a private institution with total assets of $846 million. The bank’s corporate banking operations are strong. It has also been expanding its domestic operations and retail presence and has been increasing customer deposits from mid 2000. This is enabling it to gradually reduce its dependence on the international loan markets. Its long term debt is rated B by S&P and B1 by Moody’s who have placed it on credit watch for a possible upgrade. Kazkommertsbank is set to increase its already considerable competitive advantage this year when it swallows up its largest competitor, Halyk Savings Bank. Since 1996, the government has been steadily selling off Halyk, the former national savings bank and recently announced its intention to relinquish control over the remaining 33%. | |||||||||||||||||||||||||||||||||||||||||