Baku, Azerbaijan, Feb. 27
By Elena Kosolapova - Trend: Kazakh Halyk Bank has entered into an agreement with British HSBC Bank plc to acquire 100 percent of the share capital in SB HSBC Bank Kazakhstan, a wholly owned subsidiary of HSBC Bank plc, Kazakh bank reported on Feb. 26.
"The transaction, which is subject to regulatory approval and other conditions, is expected to be completed during 2014," the bank said.
Halyk Bank expects that this deal will strengthen its leading position in the Kazakhstan banking sector, attract new customers in the retail segment and among large national companies and large international companies operating in Kazakhstan, and give momentum for further development of private banking and internet banking.
In the near term Halyk Bank is considering operating SB HSBC Bank Kazakhstan as a separate legal entity / subsidiary organization.
Halyk Bank is the leading financial services group and the leading retail bank in Kazakhstan with the largest customer base and the broadest branch network. Halyk Bank renders a wide range of services (banking, insurance, leasing, brokerage and asset management) to its retail, SME and corporate clients. Halyk Bank also operates in Russia, Georgia and Kyrgyzstan. Halyk Bank ranked second among commercial banks with total assets of 2.442 trillion tenge (184.95 tenge = $1) and total equity over 365.5 billion tenge as of January 1, 2014, according to Kazakh National Bank.
SB HSBC Bank Kazakhstan has been operating in Kazakhstan since 1998 and offers a range of retail and wholesale banking services for personal, corporate and institutional customers. The bank ranked seventeenth among Kazakh commercial banks with total assets over 187 billion and total equity over 26 billion tenge as of January 1, 2014, according to Kazakh National Bank.