The People’s Bank of Kazakhstan plans to sell its subsidiary in Kyrgyzstan. The transaction will be closed after receiving permission from the National Bank of the Kyrgyz Republic.
The People’s Bank of Kazakhstan (Halyk Bank, part of the Halyk Group) plans to sell 100 percent of the shares of its subsidiary bank in Kyrgyzstan to the Kazakh Visor Group, a statement posted on the London Stock Exchange website says.
«The People’s Bank of Kazakhstan announces that it has reached an agreement with a consortium of buyers included in the Visor International DMCC investment group to sell 100 percent of the shares of Halyk Bank Kyrgyzstan,» the statement says.
It is expected that the transaction will be closed after receiving permission from the National Bank of the Kyrgyz Republic.
At the same time, Visor Group wants to preserve the bank as a legal entity. The investment group plans to further develop the credit organization.
It was previously reported that Halyk Bank also agreed in November 2022 to sell its Tajik subsidiary to the International Bank of Tajikistan. At the end of 2022, the People’s Bank of Kazakhstan sold its subsidiary in Russia, Moskommertsbank, for 7.3 billion tenge.
Halyk Group carries out banking, insurance, brokerage and leasing activities. The core of the group is Halyk Bank, the largest bank in Kazakhstan. It is under the control of Timur and Dinara Kulibayev.
