KAKAKHSTAN’S BANKING ASSETS may be equivalent to only a third of GDP, but the sector has been growing at a rate of 50% a year for the past four years. “The place is booming,” says Ray Webber, CEO of HSBC Kazakhstan, one of the three western banks operating in the country. While foreign investors complain of a difficult business climate, Kazakh paper is routinely oversubscribed and retail assets grow at a dizzying rate.
Tight supervision has been the secret of Kazakhstan’s banking success.
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