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List of banks in Kazakhstan

The Republic of Kazakhstan has a two-tier banking system.[1]

Tier One Bank

The National Bank of the Republic of Kazakhstan is the central bank of Kazakhstan and presents the upper (first) tier of the banking system of Kazakhstan. The National Bank represents, within the limits of its authority, the interests of the Republic of Kazakhstan in the relationship with the central banks, with banks of other countries, in the international banks and other financial-credit organizations.[2]

Second-tier banks

All banks operating in the country, except the National Bank of Kazakhstan, represent the second tier of the banking system and are second-tier banks. The legal basis for operation of the second-tier banks is the law «On Banks and Banking in the Republic of Kazakhstan» from August 31, 1995, No. 2443. According to this law, a second-tier bank in Kazakhstan is a corporate entity which, irrespective of the form of ownership, carries on business for achieving its main goal of earning profits. Second-tier banks are entitled to open their subsidiary banks, branch and representative offices on the territory of Kazakhstan as well as outside of the territory of the country.[3] Banks on April 13, 2022 there are 22 (10 of them are with foreign capital, the share of which is only 17.1%).[4]

Data for January 1, 2024
No. Bank's name Controlling stakeholder Bank assets as of January 1, 2024 (billion tenge)
1 Halyk Savings Bank of Kazakhstan Kazakhstan Holding Group ALMEX JSC 14943
2 Kaspi Bank Kazakhstan Kaspi Group JSC 6689
3 Bank CenterCredit Kazakhstan Bakhytbek Rymbekovich Baiseitov 5261
4 Otbasy bank Kazakhstan National Managing Holding «Baiterek» JSC 3996
5 ForteBank Kazakhstan Bulat Zhamitovich Utemuratov 3444
6 Jusan Bank Kazakhstan First Heartland Securities JSC 2869
7 Eurasian Bank Kazakhstan Eurasian Financial Company JSC 2759
8 Freedom Bank Kazakhstan Kazakhstan Freedom Finance JSC 2211
9 Bereke Bank Kazakhstan National Managing Holding «Baiterek» JSC 2076
10 Bank RBK Kazakhstan KCC Financ LLP 2044
11 Citibank Kazakhstan United States Citibank, N.A. 1087
12 Altyn Bank China China CITIC Bank Corporation 889
13 Home Credit Bank Kazakhstan Russia Home Credit and Finance Bank LLC 803
14 Shinhan Bank Kazakhstan South Korea Shinhan Bank 475
15 Nurbank Kazakhstan JP Finance Group LLP 466
16 Bank of China in Kazakhstan China Bank of China Limited 417
17 Industrial & Commercial Bank of China (Almaty) China Industrial and Commercial Bank of China 349
18 KZI Bank Turkey T.C. Ziraat Bankası A.Ş. 233
19 VTB Bank Kazakhstan Russia PJSC VTB Bank 226
20 Al Hilal Islamic Bank United Arab Emirates Al Hilal Bank PJSC 178
21 Zaman-Bank Kazakhstan Tasbulat Abguzhinov 25

Development Bank of Kazakhstan

Development Bank of Kazakhstan JSC operates as a national development institution in the Republic of Kazakhstan. The company’s services include investment projects funding, export operations financing, interbank lending, clients operational servicing, and lease financing. It also offers various financial services, such as mezzanine, syndicated, interim, lease transactions, and project financing; lending of current activities; and provision of guarantees, as well as equity and capital participation.[5]

Deposit Guarantee System

Kazakhstan Deposit Insurance Fund (the KDIF) was established by Resolution of the National Bank of the Republic of Kazakhstan Management Board No. 393 dated 15 November 1999 “On incorporation of «Kazakhstan Individuals’ Deposit Guarantee (Insurance) Fund».

Individuals’ deposits placed in the second-tier banks of the Republic of Kazakhstan, excluding non-interest bearing demand deposits placed with the Islamic banks.

  • Deposits in tenge are insured up to 10 million tenge per depositor per bank
  • Deposits in foreign currency are insured up to 5 million tenge per depositor per bank (in equivalent, foreign exchange rate applied as of the date of effect of the court ruling regarding forced liquidation of a deposit insurance system member bank)

At present the Parliament of the Republic of Kazakhstan has approved the draft law which stipulates deposit coverage payouts on the individuals’ and individual entrepreneurs’ savings deposits up to the deposit coverage limit of 15 million tenge.[6]

Population deposits

In August 2018 the number of deposits of individuals has reached the historic peak - 8.3 trillion tenges, 47% of the total volume of deposits.[7]

References

  1. ^ The law of August 31,1995 № 2444 About banks and banking activities in the Republic of Kazakhstan
  2. ^ About the National Bank of the Republic of Kazakhstan
  3. ^ Second tier banks
  4. ^ Second-tier banks
  5. ^ Company Overview of Development Bank of Kazakhstan JSC
  6. ^ The Joint Stock Company «Kazakhstan Deposit Insurance Fund»
  7. ^ The volume of deposits of individuals reached a historic high of 8.38 trillion tenge
  • "Second-tier banks". National Bank of Kazakhstan.
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