Comment by Samat Balkenov, Chairman of the Board, Tsesna Capital JSC: Why is the banking market of Kazakhstan expecting great changes?
The possible purchase of Kazkommertsbank by Halyk stirred the banking market in Kazakhstan. Having united, these two heavyweights can create a megabank, if not by the world standards, but in the framework of the domestic market for sure. We don’t know yet what kind of deal this will be. One cannot exclude that even the shareholders of these financial institutions do not know about this so far. After all, there is no final resolution whether this deal is going to be held at all, as the negotiations are being held at the level of non-binding memorandums thus far. However, the market is actively preparing for possible events.
Recent statement about the purchase by Tsesna Bank of the major share of the Bank CenterCredit is obviously an answer to that potential deal Tengri and Capital banks have also stated thir intention to unite. Talking to Forbes.ks the market experts state that it is a long way from the limit, and the Kazakhstani banks are in for the whole wave of mergers and takeovers.
Samat Balkenov: “In our view, the reason for the loss of the market share by the largest banks of Kazakhstan is the more rapid growth of medium-sized banks compared to the" Big Three ", and one of them, in particular, has recently entered the" Big Three "of the banks (Tsesna Bank).",
Read more details at https://forbes.kz/finances/integration/pochemu_bankovskiy_ryinok_kazahstana_jdut_bolshie_peremenyi .