An investor from Qatar intends to buy the former subsidiary of Sberbank in Kazakhstan

The chairman of the Kazakhstan Agency for Regulation and Development of the Financial Market, Madina Abylkasymova, told reporters that the Kazakh Bereke Bank (a former subsidiary of Sberbank) could be sold to an investor from Qatar. She did not name the potential buyer. However, according to her, a due diligence procedure (comprehensive business analysis) is now being carried out at Sberbank together with a Qatari investor. The words of Mrs. Abylkasymova were conveyed by Interfax.

Madina Abylkasimova noted that based on the results of the procedure, the price at which Bereke Bank will be sold will be determined. According to her, the Kazakh regulator has begun elaborating banking legislation in order to simplify the procedure for foreign banks entering the republic’s market.

Bereke Bank is a Kazakh commercial bank. In 2005, Sberbank received permission from the financial regulator of Kazakhstan to purchase 100% of the shares of Texakabank (as the organization was called from 1993 to 2006). Since 2006, the organization received the name “Sberbank Kazakhstan”. In 2022, the organization changed its owner and became known as Bereke Bank, after which it was removed from the American sanctions lists in March 2023. Currently, the bank is wholly owned by the national management holding Baiterek, whose shareholder is the government of the republic.