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