Who can buy Russian subsidiary banks in Kazakhstan
Alfa-Bank and Sberbank are selling their Kazakh subsidiaries after facing U.S. and EU restrictions. The move has sparked interest from several buyers, with Timur Turlov’s Freedom Finance emerging as the leading contender. Regulatory approval, however, remains a key hurdle for any deal.
Freedom Finance has offered between $200 million and $300 million for Sberbank’s Kazakh unit. But the firm will need support from Kazakhstan’s National Bank, which has signalled reluctance to approve deals involving purely Russian buyers.
Meanwhile, Sberbank’s Kazakh subsidiary is already transferring part of its retail portfolio to Halyk Bank. This step comes as the bank prepares for a potential ownership change.
For Alfa-Bank’s Kazakh operations, local players have shown interest. Bank RBK, Eurasian Bank, and Orbis are among the potential buyers. Freedom Finance remains a strong candidate here as well.
VTB, however, has no plans to exit Kazakhstan. The bank intends to keep its operations running to serve Russian clients and support increasing trade between the two countries.
The sale of Alfa-Bank and Sberbank’s Kazakh subsidiaries depends on regulatory decisions. If approved, Freedom Finance could secure both deals, while local banks may also step in. VTB, on the other hand, will continue its presence in the country.
