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Foreign capital share in banking sector to be rising in 2008, FSA Chief
Almaty, April 8, 2008
This year we expect the share of the foreign capital in the Kazakhstan’s banking sector to grow, State Agency for Financial Supervision (FSA) chair Elena Bakhmutova said.
"Regarding the prospect of Kazakhstan’s entering the WTO, the trend of amalgamation of domestic financial organizations by foreign companies will continue. Therefore, the share of foreign capital will be growing and the competitiveness in the banking service sector will be rising,” she told Interfax-Kazakhstan.
"Currently the interest of foreign investors in Kazakhstan’s banking sector is growing,” Bakhmutova said.
She reminded that for the last three years, a number of foreign banks have acquired a few domestic second-tier banks: that’s how the Russian Sberbank and Italian banking group UniCredit and some other foreign institutions entered the Kazakhstan’s market.
"A few other foreign banks have voiced their interest in opening their subsidiaries in Kazakhstan,” FSA chief said without giving any specific information.
"Such developments demonstrate the level of trust foreign investors have to the domestic financial system,” Bakhmutova said.
As of March 1, 2008 35 second-tier banks were operating in Kazakhstan.
Source: Interfax Kazakhstan