business and economy
Raiffeisen to enter Kazakhstan
(SRI) - The Raiffeisen Banking Group will form a subsidiary bank in Kazakhstan, Raiffeisen International Bank-Holding announced in a statement.
“Due to its economic potential and politically stable environment, Kazakhstan is an attractive market. We have been observing this market for a long time and we believe that now is a good time to make this step,” chief executive Herbert Stepic said in a press statement.
The bank will commence operations in 2009 with a head office in Almaty and will initially focus on local and foreign corporate customers.
Raiffeisen International has run a leasing unit in Kazakhstan since 2005 and was a minority shareholder in Kazakhstan’s Bank TuranAlem before selling its equity stake in August 2006.
The bank has been looking at takeover targets in Kazakhstan for more than a year but has said repeatedly that the prices of possible targets were too high.
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