January 2026 – Kinstellar has successfully advised PPF Group and its shareholders on the sale of Home Credit Bank Kazakhstan to ForteBank, which was completed in December 2025 following receipt of all required approvals from the relevant state authorities in Kazakhstan.
As a result of the transaction, ForteBank acquired 100% of the shares in Home Credit Bank, becoming its sole shareholder.
The transaction represents one of the most notable M&A deals in Kazakhstan’s banking sector in 2025 and reflects the ongoing consolidation of the local financial market. For the client, the deal enabled a fully regulated and structured exit from the Kazakh banking market while ensuring continuity of operations and stability for customers and other stakeholders.
Kinstellar advised on all key aspects of the transaction, including structuring, negotiations, regulatory approvals and closing.
The Kinstellar team was led by Kuanysh Shekerbekov (Partner) and Hugh Owen (Partner), and included James Merryweather (Associate), Zhandaulet Sholanov (Associate), and Aliya Ualikhanova (Legal Assistant).