Awards for Excellence 2008: Kazakhstan
Best bank: Halyk Bank
Best debt house: JPMorgan
Best M&A house:ABN Amro
Kazkommertsbank (KKB) has more than double its assets and Bank TuranAlem (BTA) has a far superior net income but Halyk Bank takes the award for best bank in Kazakhstan thanks to its resilience in the face of global financial troubles. First-quarter net income fell by nearly 10% on the 2007 equivalent because of such issues as growing average rates on customer deposits and higher impairment charges on its loan portfolio, but other Kazakh banks have fared far worse. During the roadshow for Halyk’s successful $500 million benchmark Eurobond in April, the first for a Kazakh bank since July 2007, investors noted its "strong liquidity, low exposure to foreign debt, and its perception as the best bank in Kazakhstan".