The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Kazakh banking: RZB returns to Kazakhstan

Raiffeisen International, the central and eastern European banking arm of Austria’s RZB Group, has announced plans to establish a greenfield operation in Kazakhstan.

Herbert Stepic, Raiffeisen International

"We have been observing this market for a long time and we believe that now is a good time to make this step"
Herbert Stepic, Raiffeisen International

"Due to its economic potential and politically stable environment, Kazakhstan is an attractive market," says Herbert Stepic, Raiffeisen International’s chief executive. "We have been observing this market for a long time and we believe that now is a good time to make this step." Raiffeisen had previously hoped to crack the Kazakh banking market through BTA (formerly Bank TuranAlem) in which it built a 7.7% minority stake in 2001. But it failed to come to an agreement over an acceptable price for majority control and sold its holding in August 2006 to a group of Scandinavian investment funds led by East Capital, registering a €102 million profit in the process. In the interim it has concentrated on building its leasing business in the country, which is in the top three in a fast-growing market segment.

Raiffeisen is reported to have considered the purchase of stakes in several existing banks – including, ironically, BTA subsidiary Temirbank – but has concluded that an organic rather than an acquisition-led approach makes most sense.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree