Kazakhstan’s fintech billionaire Vyacheslav Kim is reportedly considering acquiring control of First Heartland Jusan Bank from its current owner, Galimzhan Yessenov, Bloomberg reports. Sources familiar with the situation indicate that while Kim is exploring the acquisition, there is no guarantee that the deal will be finalized. Another strategic investor could also potentially be identified.
Kim, who serves as chairman and shareholder of Kaspi.kz, previously played a financial role in enabling Yessenov to gain control of Jusan Bank. This earlier deal involved the transfer of Jusan Bank and other assets from a U.S.-based foundation previously associated with Kazakhstan’s first president, Nursultan Nazarbayev. The transaction was settled through a cash payment of approximately $100mn, marking the largest asset dispute in Kazakhstan since Nazarbayev’s departure from office in 2019.
Despite the political changes following President Kassym-Jomart Tokayev’s efforts to distance his administration from Nazarbayev’s network, Kim has maintained significant political influence in Kazakhstan. With an estimated net worth of $6.7bn, Kim is considered to be in a better position to address Jusan Bank’s bad loans than Yessenov, according to the report.
Although both Kim and Yessenov have remained silent regarding the acquisition talks, sources suggest that Jusan Bank may shift its focus to reduce competition with Kaspi.kz. The bank’s new strategy would likely emphasize lending to businesses and offering collateralized loans such as mortgages, while reducing its involvement in retail banking.
The potential acquisition, if completed, could significantly alter the competitive landscape of Kazakhstan’s financial sector, but the outcome remains uncertain at this stage.
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