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Kinstellar advises KMF on its milestone transformation into a bank
Kinstellar has advised KMF, Kazakhstan’s largest microfinance organisation, on obtaining the regulatory approval for its voluntary conversion into a second-tier bank. The approval, granted by the Agency for Regulation and Development of the Financial Market of Kazakhstan on 20 March 2025, marks a significant milestone in the country’s financial sector, aligning with President Kassym-Jomart Tokayev’s initiative to foster banking competition. Since 2021, Kinstellar has been providing comprehensive legal support to KMF, including regulatory analysis, licensing assistance, guidance on corporate governance and ownership structure. During this period, KMF’s assets grew by 218% to KZT 336.3 billion, while its loan portfolio
Kinstellar advises JSC Kaspi.kz on landmark USD 650 million Eurobond issuance
Kinstellar is pleased to have acted as Kazakhstan counsel to JSC Kaspi.kz in its successful debut bond issuance, raising USD 650 million through 6.250% senior unsecured notes due in 2030. This marks the largest investment-grade bond issuance by a private Kazakhstani company, reflecting Kaspi.kz’s strong market position and the growing appeal of Kazakhstan as an investment destination. The bonds, which garnered significant interest from investors across the US, Europe, and Asia, are listed on the London Stock Exchange and the Astana International Exchange. The funds raised will support Kaspi.kz’s ongoing business development and enhance its digital services, reinforcing its leadership in the fintech and e-commerce sectors.
Kinstellar advises the mandated lead arrangers and bookrunners in relation to a US$300 million syndicated term loan provided to Halyk Bank of Kazakhstan
Kinstellar has successfully advised the mandated lead arrangers and bookrunners on joint stock company Halyk Bank of Kazakhstan’s US$300 million syndicated term loan, which comprises 1-year and 3-year tranches. This marks Halyk Bank’s return to the international syndicated loan market, allowing it to secure vital funding and diversify its capital base under competitive terms. This significant transaction reopens the international syndicated loan market for Kazakhstan banks, highlighting growing international confidence in the sector. The deal was led by Citibank, London Branch, Abu Dhabi Commercial Bank, and Commerzbank. Our legal team was led by partners Joel Benjamin and Adlet Yerkinbayev, with support
Kinstellar advises Halyk Bank on the sale of its subsidiary in Kyrgyzstan
Kinstellar's Kazakhstan office has successfully advised Halyk Bank, a leading financial services group, on the sale of its subsidiary in Kyrgyzstan, to a consortium of buyers within the investment group Visor International DMCC. The financial details of the transaction are undisclosed. Originally established as Kyrgyz Kairat Bank, the subsidiary was acquired by Halyk Bank in 2004 through a bidding process. This transaction follows the previous divestment of assets of Halyk Bank of Kazakhstan, including the recent sale of its Tajik and Russian subsidiaries. The Kinstellar team was led by Partner Adlet Yerkinbayev, and Counsel Kuanysh Shekerbekov.