So far, the three western banks active in Kazakhstan have been a success. In order of appearance, ABN Amro, Citigroup and HSBC have turned tidy profits from lending at low rates to top state and corporate institutions. They now hold about 6.5% of the country’s banking assets. Is it time to expand into retail?
Douglas Kennedy of ABN Amro doesn’t think so. Even though “people are desperate to take Kazakh risk at the moment”, he says things are fine the way they are.
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