“On May18,2018,Fitch Ratings has upgraded Altyn Bank’sLong-Term Issuer Default Ratings(IDRs) to ‘BBB-‘ from ‘BB’ and removed the ratings from Rating Watch Positive (RWP). The Outlook on the IDRs isStable. The rating action follows the acquisition of a 60% stake in Altyn Bank by China CITIC Bank Corporation Limited (BBB/Stable) and Shuangwei Investment Co., Ltd.
The rating action follows the acquisition of a 60% stake in Altyn Bank by China CITIC Bank Corporation Limited (BBB/Stable) and Shuangwei Investment Co., Ltd.
Earlier on April 24,2018 Halyk Bank of Kazakhstan JSC successfully completed as ale of a 60% stake in share capital to foreign investors: China CITIC Bank Corporation Limited acquired 50.1% of the shares and China Shuangwei Investment Co., Ltd. – 9.9% of the shares previously owned by Halyk Bank of Kazakhstan JSC. At the same time, the Kazakhstan shareholder’s remaining share of capital is 40%.
Altyn Bank JSC (Subsidiary of Halyk Bank JSC), previously known as HSBC Bank Kazakhstan, established in Kazakhstan since 1998, has been acquired by and became a wholly owned subsidiary of Halyk Bank JSC in November 2014. With offices in four major cities in Kazakhstan and being a universal bank, Altyn Bank provides full range of products and services to corporate and retail clients across the country.
China CITIC Bank Corporation Ltd., founded in 1987, ranks seventh in terms of assets in China and is represented in130countries.It offers various banking products and services to large corporate clients and individuals, both in China and abroad.The Bank’s total assets have reached US $900 billion.The ratings of the bank: BBB from Fitch and Baa2 from Moody’s.
China Shuangwei Investment Co., Ltd.is a limited liability company wholly owned by China TobaccoCorporation.The company is responsible for managing and investing in a number of key strategic projects in the fields of energy,real estate,agriculture,education,medical services,logistics,infrastructure, culture, network information, financial products, energy saving, supporting projects in the tobacco industry, and related advisory business services.
Halyk Bank JSC is the leading financial services group and the leading retail bank in Kazakhstan with the largest customer base and the broadest branch network.The Bank is developing as a universal financial services group rendering a wide range of services (banking services, insurance, leasing, and brokerage services) to its retail, SME and corporate clients. The Bank also operates in Russia, Georgia and Kyrgyzstan.”