The banking system of Kazakhstan is bulging at the seams

The banking system of Kazakhstan is bulging at the seams. A number of financial organizations either have already closed or are experiencing problems. Who benefits from this situation? Market majors, which in the conditions of disappearance (or weakening) of competition can afford somewhat rude behavior of the monopolist.

It is not necessary to explain for a long time what is meant: any monopolist most often does not consider with other people’s interests, as he is confident that he can afford anything, since it is irreplaceable.

For reference: “Halyk Bank of Kazakhstan” («Halyk Bank») has bought out a controlling share in Kazkommertsbank, “BTA Bank” JSC.

In the case of agriculture, it is still worse, said the correspondent of “” publication. And in better times, bankers have a relaxed attitude to the agricultural sector. It has always been considered a risky business to invest in this sector of Kazakhstan’s economy because of the volatility of the climate, and unprofitable due to constant fluctuations in prices for agricultural products, and unpromising because the majority of farmers do not have enough collateral for loans.

The crisis that hit the country’s banking system only strengthened all this with regard to the agro-industrial complex. Nobody wants to bother with the peasants, because such negative as a leapfrog scheme with the ministers and development programs, decline in prices for the main types of agricultural raw materials, problems with shipment due to a shortage of cars also added to the above problems.

Well, the banks decided to be tough on customers engaged in the agricultural sector. They get rid of them. Luckily, the standard contract specifies a variety of reasons why a bank can refuse to work with a client.

Here is an example of a grain-producing company. As recently as May 5, its director received from Halyk bank a notice of termination of the account opening agreement. Specifically, the reason for this action is not named; just the various items of the standard contract are listed, giving the bank the right to close the account – from supporting terrorism to getting on the sanctions list. Naturally, the small agricultural enterprise does not have any faults before the bank. So we can only guess about the true motives. And the most likely one was mentioned earlier – the risks of working in the agro-industrial complex, which the banks do not want to take on in the current situation. Therefore, there are more cases like this.

Now only the state can protect the interests of small and medium-sized rural business. Antimonopoly authorities need to pay attention to how much the level of competition in the banking sector of the country has significantly decreased. This is the reason either to use existing mechanisms, or to introduce new ones, whose task will be to uphold the right of any entrepreneur to receive high-class banking services where he wants, and not where he was sent by a too major player.

Wikipedia reference

Owners: “Holding Group “ALMEX” JSC is a major shareholder of “Halyk Bank of Kazakhstan” JSC with a share of 73.4% of the bank’s shares. “Holding Group “ALMEX” JSC is controlled on a parity basis by Timur Kulibayev and his wife Dinara Kulibaeva, son-in-law and daughter of the President of Kazakhstan Nursultan Nazarbayev.

Management: Chairman of the Board of the Bank is Umut Shayakhmetova (Chairman of the Board from 2009 to the present), Chairman of the Board of Directors is Alexander Pavlov. Earlier, leading positions in the bank were occupied by Zeynulla Kakimzhanov (in 1994-1997 he was the chairman of the board of the bank), Karim Masimov (in 1997-2000 was chairman of board of the bank), Anvar Saidenov (chairman of the board in 2000-2002), Kairat Satylganov (Chairman of the Board in 2002-2003), Assiya Syrgabekova (Chairman of the Board in 2003-2005), Grigory Marchenko (Chairman of the Board in 2005-2009).

Akyn Aulov

“” newspaper

Rate article
Add a comment