Kazakhstan's Halyk Bank finalizes sale of Kyrgyz subsidiary to Visor Investment Group

ASTANA. April 18 (Interfax) - Halyk Bank of Kazakhstan has officially completed the sale of its subsidiary, Halyk Bank Kyrgyzstan, selling 100% of its shares to a consortium of buyers within Visor International DMCC.

The announcement was made in a statement released on the Kazakhstan Stock Exchange (KASE).

The exact financial details of the transaction remain undisclosed.

"Visor Group aims to keep Halyk Bank Kyrgyzstan independent and operational in Kyrgyzstan," according to the statement.

The plans for the sale were initially revealed in November 2023, pending approval from the National Bank of Kyrgyzstan.

Originally established as Kyrgyz Kairat Bank, the subsidiary was acquired by Halyk Bank of Kazakhstan in 2004 through bidding. Since then, it has operated under the name Halyk Bank Kyrgyzstan, with its headquarters in Bishkek.

This transaction follows the previous divestment of assets of the Halyk Bank of Kazakhstan, including the sale of its Tajik subsidiary to the International Bank of Tajikistan in December 2022. At that time, Halyk Bank Tajikistan was reported to have experienced financial challenges.

In December 2022, Halyk Bank of Kazakhstan announced the sale of 100% of the shares of Moskommertsbank.

Visor International DMCC, headquartered in Dubai, UAE, is known for its involvement in various large-scale investment projects across different sectors.