New shareholder renames Sberbank's former subsidiary in Kazakhstan as Bereke Bank

ALMATY. Sept 13 (Interfax) - The subsidiary bank in Kazakhstan purchased from Sberbank has been renamed Bereke Bank, with the corresponding decision taken by the bank's sole shareholder, Baiterek holding, at an extraordinary meeting on September 12, the bank said in a statement posted on the website of the Kazakh Stock Exchange.

As previously reported, Baiterek and Sberbank in early September concluded a deal to sell and buy the Russian bank's subsidiary in Kazakhstan. It was noted at the time that the financial institution would continue to meet all its commitments to its clients, and all the conditions for banking products would remain unchanged for existing customers.

The head of the Baiterek holding, Kanat Sharlapaev, said that the acquired bank would be renamed Bereke Bank: "Rebranding will be mandatory. We concluded the transaction on transferring ownership on September 1. The new bank will be called Bereke [abundance, prosperity in Kazakh] Bank."

Sberbank decided to withdraw from the Kazakh market because of the current geopolitical situation, as well as acting in the interests of the subsidiary bank's clients.

As at August 1, 2022, Sberbank's Kazakh subsidiary ranked eighth in terms of assets among the country's 22 banks according to the National Bank of Kazakhstan.