Former Kazakhstani Sberbank subsidiary resumes SWIFT currency transfers via mobile app

ASTANA. July 19 (Interfax) - The former Kazakh subsidiary of Sberbank - Bereke Bank - announced the resumption of online currency transfers, its press service said.

"Bereke Bank customers can once again make international SWIFT transfers in US dollars and euros in the B-Bank mobile application. Transfers are made to the accounts of individuals and legal entities using their bank details (...). The launch of online transfers in dollars and euros is another step toward restoring our operating activities," the bank's press service said on Wednesday.

The bank plans to resume transfers from card to card through VISA and Mastercard international payment systems, the release said.

As reported earlier, the Kazakh subsidiary of Sberbank came under US blocking sanctions in March 2022.

In September 2022, Russian Sberbank sold its Kazakhstan subsidiary to the Baiterek National Holding, after which the financial institution changed its name to Bereke Bank. That same month, the new bank owner filed documents with OFAC (U.S. Office of Foreign Assets Control) to remove the sanctions.

On March 8, 2023, OFAC removed the financial institution from the Specially Designated Nationals (SDN) sanctions list and from the Sectoral Sanctions List (SSI).

According to the National Bank of Kazakhstan, as of June 1, 2023, Bereke Bank ranks 9th by assets among the country's 21 banks.

The holder of 100% of the shares in Bereke Bank is Baiterek National Managing Holding, an integrated development institution aimed at supporting entrepreneurship, developing the agro-industrial complex and providing the country's population with housing. The government of Kazakhstan is the ultimate beneficiary of the holding.