Bereke Bank resumes partnership with VISA payment system in Kazakhstan

ALMATY. Oct 16 (Interfax) - Bereke Bank, formerly Sberbank's subsidiary in Kazakhstan, has officially resumed its partnership with the VISA international payment system, according to the bank's press service.

"Bereke Bank has reinstated full access to the services of the world's two largest payment systems, VISA and Mastercard, for its clients. Now, clients can obtain new VISA cards directly from Bereke Bank to make payments at retail outlets, on apps, and on websites. Moreover, they can also withdraw cash and make online transactions, including currency transfers in U.S. dollars, euros, rubles, and yuan, internationally," the bank said.

Bereke Bank now accepts payments with VISA cards from other banks through its POS terminals and internet acquiring services.

At the end of August, Bereke Bank resumed operations with the Mastercard payment system.

In March 2022, the Kazakh subsidiary of Sberbank came under U.S. blocking sanctions. In September 2022, Russian Sberbank sold its Kazakhstan subsidiary to Baiterek National Holding, after which the financial institution changed its name to Bereke Bank. That same month, the new bank owner filed documents with the United States Treasury Department's Office of Foreign Assets Control (OFAC) in order to remove the sanctions. On March 8, 2023, OFAC removed the financial institution from the Specially Designated Nationals and Blocked Persons (SDN) List and the Sectoral Sanctions List (SSL).

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

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, owns 100% of the shares in Bereke Bank. The Kazakh government is the holding's ultimate beneficiary.