Kazakhstan: Deputies Question Legality of Halyk Bank’s Name

Kazakhstan's parliamentarians have raised the issue of whether Halyk Bank, controlled by Timur Kulibayev, has the right to call itself “People’s Bank,” Orda.kz reports.

The debate emerged during the September 15 presentation of the draft law On Banks.

Deputy Marat Bashimov began by urging greater participation of foreign banks in Kazakhstan’s financial system, noting that many Western countries rely on state-owned institutions.

If you look at Germany, for example, half of the banks there are state-owned. And we have been brainwashed into thinking that everything is in private hands. Nothing of the sort! All of Germany, France, all of Europe — the state owns the systemically important banks there. All of the national security is in them, he said.

Our Civil Code prohibits naming on behalf of the Republic of Kazakhstan. And the people is a constitutional term. Only some constitutional structures can speak on behalf of the people. And here they have appropriated the name ‘People's Bank’ and are misleading people! Excuse me, who gave them this right? Our Ministry of Justice should look at all these names and submit them for consideration. It cannot bear the name ‘People’s Bank’ by definition, he said.

In response, ARDFM chairperson Madina Abylkasymova said she would examine whether legislation restricts the use of “national-patriotic” names.

She added that the draft law aims to expand competition by easing conditions for foreign financial institutions to enter Kazakhstan. Interest from foreign banks exists, and the agency plans to encourage new investment in the sector.

Meanwhile, Halyk Bank reported nearly 40% growth in net profit in the first half of 2025.

Original Author: Nikita Drobny