ASTANA – Kazakhstan’s Baiterek National Holding and Qatar’s Lesha Bank announced on Oct. 8 the completion of the transaction, transferring full ownership of Bereke Bank with the sale of 100% of its shares.
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“Bereke Bank is one of Kazakhstan’s largest banks and will continue to fulfill all its obligations to clients. The bank maintains the current terms for products for existing clients and will continue its activities as a commercial universal bank. At the moment, the bank demonstrates stable growth, complying with the established standards for capital adequacy and liquidity. After the change of shareholder, it is planned to further strengthen the bank’s position in the market,” said Baiterek’s press service in an Oct. 8 statement.
The holding said the emergence of a new stakeholder is intended to improve competition among second-tier banks, introduce new technology, and expand lending to the real sector of the economy.
“Baiterek Holding aimed to create conditions for stabilizing the bank’s operations and attracting a strategic investor. The completion of this deal is a significant event for Kazakhstan’s financial sector,” reads the statement
Lesha Bank, formerly known as Qatar First Bank (QFB), is a Shari’a-compliant investment bank based in Qatar. It is listed on the Qatar Stock Exchange and is licensed by the Qatar Financial Center Regulatory Authority to conduct banking operations.
“This acquisition marks a strategic step in strengthening our investment portfolio and reinforces the collaborative ties between our countries. It aligns with our long-term vision of fostering cross-border opportunities and expanding in international markets,” said Mohammed Ismail Al Emadi, Lesha Bank CEO.
According to the statement from the Lesha Bank, the acquisition deal was finalized at an agreed purchase price of 65 billion tenge, equivalent to approximately $134.9 million, based on the exchange rate at the time of the transaction’s completion.
The bank operates in the field of investment banking and asset management, offering services in the markets of Qatar, the United States, Europe, and the Middle East.
In the near future, Qatari companies are expected to invest nearly $20 billion in new projects in Kazakhstan.
