Kinstellar advises Halyk Bank JSC on its sale of 60% stake in Altyn Bank JSC
April 2018 – Kinstellar has advised Halyk Bank JSC, the leading Kazakhstan bank, on the sale of a 60% stake in the share capital of its subsidiary bank Altyn Bank JSC to China CITIC Bank Corporation Limited and China Shuangwei Investment Co., Ltd.. China CITIC Bank Corporation Limited acquired a 50.1% stake and China Shuangwei Investment Co. acquired a 9.9% stake in Altyn Bank JSC. The transaction was completed on 24 April 2018.
This transaction represents the first ever acquisition of a commercial bank in Kazakhstan by a major Chinese bank.
Altyn Bank, which was the former HSBC Bank Kazakhstan, was established in Kazakhstan in 1998 and was acquired by Halyk Bank from HSBC in November 2014, in a transaction on which Kinstellar acted for Halyk Bank.
The Kinstellar team has advised its long-standing client, Halyk Bank, on all of its major transactions in Kazakhstan, beginning with its IPO in 2006. In particular, in 2017 Kinstellar advised Halyk Bank on its acquisition of Kazkommertsbank JSC from Mr Kenges Rakishev and Sovereign Wealth Fund Samruk-Kazyna JSC. That transaction was a landmark M&A transaction in Kazakhstan, particularly for the country’s banking sector. The Kinstellar team also advised Halyk Bank on its attempted acquisition of BTA Bank in 2013.
The Kinstellar team was led by Adlet Yerkinbayev (Partner), who was assisted by Yerlan Akhmetov (Associate). Other team members included Joel Benjamin (Partner) and Kairat Baizakov (Of Counsel).
For more information, please contact Adlet Yerkinbayev, Partner, at .