Kazakhstan’s Richest Businessman May Acquire Jusan Bank

Vyacheslav Kim, co-owner of Kaspi.kz and Kazakhstan’s wealthiest businessman, is reportedly set to buy a controlling stake in Jusan Bank, according to multiple Kazakh media sources, Orda.kz reports.
Citing a source familiar with the situation, Forbes.kz claims that Kim is planning to acquire 99.74% of Jusan Bank’s common shares, currently owned by Galimzhan Yessenov. Speculation about this deal first surfaced in September last year when Bloomberg suggested Kim might be the "secret sponsor" behind Jusan’s purchase.
Ruchnaya Ekonomika also reports—citing its own source—that the deal could be finalized at any moment.
According to the channel, Kim has already submitted an official request to the Agency for Regulation and Development of the Financial Market (ARDFM). If the acquisition goes through, Jusan Bank (with 3.3 trillion tenge in assets) will join Kim’s portfolio alongside Kaspi.kz (with 8.2 trillion tenge in assets).
With Kim at the helm, Jusan Bank’s strategy may shift. It could focus on business lending to avoid direct competition with Kaspi.kz.
It is unclear who will return the trillion tenge in state aid that Jusan Bank received between 2017 and 2020. However, as Bloomberg previously noted, Kim—whose net worth is estimated at $6.7 billion—is in a much stronger position than Yessenov to handle Jusan’s bad loans. Last year, the bank did manage to repay 100 billion tenge in state support, notes Ruchnaya Ekonomika.
Kim recently topped Forbes.kz's 2024 ranking of Kazakhstan’s wealthiest businessmen.
When contacted for comment, the ARDFM press service requested an official inquiry. Meanwhile, Orda.kz will also seek responses from Jusan Bank and Kaspi.kz.
In September last year, Orda.kz reported that Galimzhan Yessenov, Akhmetzhan Yesimov's former son-in-law, had resigned from Jusan Bank’s board of directors.
Original Author: Nikita Drobny
Latest news
- Scammers Posing as Security Agents Trick Architect Into Selling Property
- Ulytau Officials Respond to Fine: Blogger Was Penalized Over Unfounded Corruption Claims
- Kazakhstan Lifts Gallium Export Duty
- Chinese Firm Proposes to Fund New Port and Logistics Hub in Mangystau Region
- ForteBank Stock Soars on Home Credit Deal, Then Plunges 30% in a Day
- Coins Believed to Be Tied to Kairat Satybaldyulyuly to Be Auctioned
- Ukraine’s Military Intelligence Chief Says Ceasefire Should Come Before Year’s End
- Kyrgyz Citizen Fined in Kazakhstan for Carrying Banned Book Across Border
- Trial of Former Financial Police Officers in Khorgos Case No. 1 Closed to Public Over State Secrets
- Kazakhstan to Ban Outdoor Currency Rate Displays at Exchange Offices Starting September
- Armenian Court Orders One-Month Detention for Tashir Pizza Executive Amid Ongoing Investigation
- Kazakhstan May Require Banks to Offer Deferrals to Socially Vulnerable Borrowers
- Almaty Utility Pursues Debt Collection for Unpaid Heating and Hot Water Bills
- Kazakhstan and Afghanistan Sign Railway Memorandum
- Kazakhstan's National Bank Keeps Interest Rate at 16.5%, No Cuts Expected Until 2026
- Vyacheslav Kim Finalizes Purchase of Alatau City Bank
- Wild Arman Associate Detained in UAE Over Alleged Role in Qantar Riots
- Ulytau Region Akim Sues Woman for 495,000 Tenge Over TikTok Video
- Ukrainian Entrepreneurs Move to Buy BTA Bank from Kazakh Businessman Kenes Rakishev
- Kazakhstan’s Foreign Debt Hits 170.5 Billion USD in Q1 2025