Kazakhstan’s Baiterek National Holding and Qatar’s Lesha Bank announced the completion of the acquisition of Bereke Bank, marking a significant event for Kazakhstan’s financial sector. The transaction, worth approximately $134.9 million, is expected to bolster competition among banks and enhance the bank’s growth and operational stability. Lesha Bank expresses enthusiasm regarding its strategic expansion in international markets, reinforcing economic ties between the two countries.
On October 8, Kazakhstan’s Baiterek National Holding and Qatar’s Lesha Bank announced the successful completion of an acquisition, resulting in Lesha Bank acquiring 100% ownership of Bereke Bank, one of Kazakhstan’s prominent banks. This transition is a significant development in Kazakhstan’s financial landscape, as Bereke Bank continues to honor its commitments to clients while operating as a commercial universal bank. Reports indicate that Bereke Bank is experiencing stable growth and adheres to capital adequacy and liquidity standards, enhancing its potential in the market under new ownership. The acquisition is anticipated to foster competition among second-tier banks, introduce innovative technologies, and increase lending to the essential sectors of the economy. The press office of Baiterek National Holding noted, “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.” Formerly known as Qatar First Bank (QFB), Lesha Bank is a Shari’a-compliant investment institution, operating under the regulatory oversight of the Qatar Financial Center Authority. This transaction, valued at approximately 65 billion tenge (around $134.9 million), is seen as a strategic advancement for Lesha Bank, contributing to its investment portfolio and reinforcing the economic partnerships between Qatar and Kazakhstan. Mohammed Ismail Al Emadi, the CEO of Lesha Bank, expressed the significance of this move in enhancing international collaboration, stating, “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.” In the coming future, a substantial investment from Qatari enterprises amounting to $20 billion is anticipated for new projects in Kazakhstan, further solidifying the bilateral relations between the two nations.
On October 8, 2023, the announcement of Lesha Bank’s acquisition of Bereke Bank marked a notable shift in Kazakhstan’s banking sector. Bereke Bank, known for being one of the country’s largest financial institutions, will continue to serve its clients while enhancing its market presence. This acquisition is part of a broader strategy by Baiterek National Holding to introduce competition and modernize the banking sector in Kazakhstan. Lesha Bank, a Shari’a-compliant entity, aims to strengthen bilateral economic ties and enhance its global investment standing through this strategic move.
In summary, the acquisition of Bereke Bank by Lesha Bank represents a pivotal moment for the financial landscape in Kazakhstan, promising improved competitiveness within the market and the introduction of new technology and investment opportunities. As Lesha Bank aims to deepen its investments in Kazakhstan, the relationship between Qatar and Kazakhstan is poised for significant growth. This merger aligns with strategic objectives for both nations, enhancing economic collaboration and setting the stage for future investments.
Original Source: astanatimes.com
