Best bank Kazkommertsbank
As hopes for Kazakhstan's embryonic stock market soared in late June, one of Kazakhstan's largest private-sector banks, Kazkommertsbank, was launching its first internationally listed depositary share offering. The roadshow, scheduled to stop in Geneva, Zurich, Amsterdam, London, New York and Hong Kong, was as much to position its name in the financial community as to raise funds. Global Kazkommertz Securities, Kazkommertsbank's joint-venture partnership with Turkish brokerage Global Securities, formed in 1995 with Peter Phelps from Framlington heading it, was with last year's sovereign global issue the first Kazakh bank to appear on the tombstone for a Eurobond.
In May last year Kazkommertsbank launched the idea for the first Kazakh investment bank, to be called Global Kazkommertsbank. For the moment, Global Kazkommertz Securities is the only Kazakh bank with a focus on capital markets. Although ahead of its time when it started two years ago, it is in a strong position now that the market appears set to take off.
Kazkommertsbank, which employs over 1,500 staff, was rated B minus in January by Thomson Bankwatch. The bank has a 29% stake in ABN Amro Kazakstan and intends to install a network of automated cash tellers.