Kazakh bank enters Uzbek market

12 July 2019 12:00 (UTC+04:00)

By Abdul Kerimkhanov

The banking system is the fastest growing sector of the economy of Kazakhstan.

Tenge Bank, which is a subsidiary of Halyk Bank of Kazakhstan, has started serving clients in Uzbekistan.

Umut Shayakhmetova, Chairperson of Halyk Bank, said that Uzbekistan has become the sixth state where Tenge Bank is operating.

She noted that the huge potential of the Uzbek market opens up broad opportunities for the banking business.

Shayakhmetova added that through its subsidiary, Halyk Bank is ready to share knowledge and technology, providing corporate and retail customers with a full range of banking services, promoting business development in both countries and economic relations in the Central Asian region, increasing cooperation and trade support.

Aslan Talpakov, Chairman of the Management Board of Tenge Bank, said that at the first stage, the bank started servicing legal entities and entrepreneurs, in which it has the best experience in Kazakhstan.

He noted that currently, work is underway to launch Internet banking, automate and streamline processes for legal entities, as well as develop and provide services and products that are in demand in the Uzbek market.

The bank sets ambitious long-term goals and objectives - to enter the top best banks in Uzbekistan in the next 3-5 years, offering clients in the regional market a full range of opportunities that the Halyk Group provides: technologies, knowledge, standards, customer service experience, and services of subsidiaries.

Halyk Bank is the first Kazakh bank represented in Uzbekistan. It is the second CIS bank and first among Kazakh companies in terms of net profit.


Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94 

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