Kazakh banks look to expand into Russia

Kazakh banks: The number of Kazakhstan-based banks operating in Russia is likely to increase in the near future and vice versa, according to Timur Suleimenov, Minister of Economy and Financial Policy of the Eurasian Economic Commission (EEC). Speaking at the Growth of Financing in Kazakhstan forum, Suleimenov said that both the number of Russian banks in Kazakhstan and the number of Kazakh banks in Russia were going to increase – but that only those Russian banks that met Kazakhstan’s minimum capital requirements (currently 3 to 5 times higher than in Russia) would be eligible to enter the Kazakh market. Tengrinews