Halyk Bank of Kazakhstan sells its subsidiary in Tajikistan

ALMATY. Nov 18 (Interfax) - Halyk Bank of Kazakhstan has signed an agreement with International Bank of Tajikistan on the sale of a 100% stake in Halyk Bank Tajikistan, Halyk Bank said on Friday.

International Bank of Tajikistan has received all necessary regulatory approvals. The deal is expected to be closed in December 2022, according to the press release.

After completion of all necessary procedures, the bank in Tajikistan will continue to operate and serve its clients as usual, providing all types of banking services in accordance with the previously concluded agreements.

Halyk Bank of Kazakhstan is controlled by Dinara Kulibayeva, a daughter of Kazakhstan's First President Nursultan Nazarbayev, and her husband Timur Kulibayev through Almex Group JSC with 69.52%. The Bank of New York is a nominee shareholder of Halyk bank with a 28.69% stake.

Halyk Bank of Kazakhstan shares trade on the Kazakhstan Stock Exchange and GDRs on the London Stock Exchange and the Astana International Exchange (AIX).

Halyk Bank ranked first by assets among the 21 second-tier banks operating in Kazakhstan as of October 1, 2022, according to the National Bank.