The end of a protracted and pricey restructuring of Kazakhstan’s banking sector came a step closer in February with the sale of troubled lender Tsesnabank to a well-connected local brokerage.
First Heartland Securities (FHS), part of a group controlled by state-owned Nazarbayev University, bought the bank after Kazakh authorities agreed to take a further KZT604 billion ($1.6 billion) of bad debts off its balance sheet.
It was the second purchase of impaired loans from Tsesnabank by Kazakhstan’s problem asset fund in less than six months, following a KZT450 million transfer in September.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
