Kaspi.kz owner Vyacheslav Kim completes acquisition of Alatau City Bank
ASTANA. July 11 (Interfax) - Vyacheslav Kim, a Kazakh businessman and co-owner Kaspi.kz, has finalized the acquisition of Alatau City Bank, formerly Jusan Bank, the bank's press service said.
"Alatau City Bank [officially announces] that businessman Vyacheslav Kim has completed the acquisition of a 100% stake in the bank from its former owner Galimzhan Yessenov," the press release says.
Kim, commenting on the deal, announced his plans to transform the bank into a "fundamentally new financial institution" in Kazakhstan, with a focus on the introduction of the state-of-the-art IT solutions.
In early June this year, Kazakhstan's Agency for Regulation and Development of the Financial Market granted Vyacheslav Kim approval to acquire a controlling stake (97.5%) in First Heartland Jusan Bank JSC, which had been owned by Galimzhan Yessenov since 2023. According to Kim, the acquisition had nothing to do with Kazpi.kz.
In mid-June, Jusan Bank was renamed Alatau City Bank.
Yesenov provided in 2023 the financial backing for a deal that helped resolve the biggest asset dispute since Nursultan Nazarbayev resigned as the country's first president in 2019. Under the settlement, which included a cash payment of around $100 million, Yessenov got control of Jusan and other assets from a U.S.-based foundation that used to be linked to Nazarbayev.
First Heartland Jusan Bank was formed in 2019 through the merger of Kazakhstan's Tsesnabank and First Heartland Bank. Tsesnabank had been previously transferred to First Heartland Securities, which listed its owners as organizations affiliated with Nursultan Nazarbayev's institutions.
In early September 2021, First Heartland Jusan Bank completed the acquisition of 99.76% of ATF Bank from businessman Galimzhan Yessenov. As at April 1, 2025, Yessenov directly owned a 19.67% holding in Jusan Bank and a 78.11% stake belonged to First Heartland Securities, which came under Yessenov's control in 2023.
Vyacheslav Kim holds a 20.39% stake in Kaspi.kz, a fintech holding company that integrates online payment services, P2P transfers, personal finance management, and online shopping. Kaspi.kz includes Kaspi Store, Kaspi Bank, Kaspi Pay, and Kaspi Travel. As of January 1, 2025, the other major shareholders of Kaspi.kz were Baring Funds (23.51%) and Mikheil Lomtadze (21.53%).
Earlier this year, Kaspi.kz completed the acquisition of a controlling stake (65.41%) in the Turkish e-commerce platform Hepsiburada. Additionally, the acquisition of Rabobank A.S, a Turkey-based subsidiary of Rabobank Group headquartered in the Netherlands, is nearing completion.
Vyacheslav Kim is Kazakhstan wealthiest businessman, worth $5.8 billion, according to Forbes.
