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Report: Kazakhstan eyes 2018 privatization of Zhilstroysberbank

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Report: Kazakhstan eyes 2018 privatization of Zhilstroysberbank

JSC Housing Construction Savings Bank of Kazakhstan (Zhilstroysberbank) could be privatized in the second half of 2018, Kapital.kz reported Oct. 17, citing Aidar Arifkhanov, the deputy head of Kazakhstan's National Managing Holding Baiterek, which is the sole shareholder of the lender.

Arifkhanov said negotiations are being conducted with investors who expressed interest in a deal, with more detailed talks to be launched by the end of 2017, which is also when buyers are expected to file indicative proposals of intent to participate.

Arifkhanov noted that the plan is to attract an international investor from among leading players in the financial services and mortgage lending market, with the ultimate goal being to boost the effectiveness of Zhilstroysberbank and introduce advanced technologies and new banking products.