Deputies Challenge Halyk Bank’s Right to Use the Word “People’s”

The authors of the amendment believe that Kulibayev’s bank is misusing a symbol associated with the Constitution. The deputies propose prohibiting banks and other private companies from using the words “people” and “halyq” in their names, Orda.kz reports.

The Argument

The initiative, supported by more than 50 deputies, has already been formalized as an amendment to Article 7 of the Law “On Banks.” The main initiator is MP Marat Bashimov, who published a detailed explanation on his Facebook page outlining why the term “people’s” is not merely decorative but has legal significance.

The word ‘people’s’ in the Constitution of the Republic of Kazakhstan is associated with the source of power — the people. Its use by a private oligarchic bank creates a false sense of public mission and undermines trust in the financial system, Bashimov wrote.

According to him, private commercial entities seeking profit have no right to use terms associated with statehood. This violates the principles of fair competition and may constitute false advertising.

The deputies refer to international practice, where terms such as “national,” “people’s,” and “state” are reserved for public institutions. They also argue that the use of the word “halyk” by a private bank could violate naming and consumer protection laws.

Other Opinions

Meanwhile, political scientist Gaziz Abishev does not view the use of the word “people’s” as problematic.

I haven’t seen the word ‘people’s’ in the Constitution or laws of Kazakhstan in relation to any exclusive political institutions. It doesn’t imply state affiliation. If this bank were created now, one could talk about a desire to gain popularity. But the bank has existed for decades, and no one thinks it’s state-owned. A ban like this could harm the economy.

President Toqayev made it clear that the most important thing now is trust in the investment climate. Halyk is a member of the Investors Association. It is this professional community that should discuss such risks, not emotional debate.

Political scientist Daniyar Ashimbaev also expressed his opinion:

By this logic, one could demand that Kaspi be renamed — what if someone decides it controls the sea? Or Forte — it sounds too foreign. This is already starting to sound like nonsense. The real reasons for such initiatives often lie elsewhere — in the desire to shift attention from the crisis to external imagery. With each passing day, the pretexts become more strained.

Marat Bashimov had already raised this issue publicly during the discussion of the new banking law. He stated directly that the Halyk Bank brand, controlled by Timur Kulibayev, violates the Civil Code and misleads clients.

Original Author: Ruslan Loginov