Baiterek Holding to expand cooperation with Citi

        On April 15, 2024, Deputy Chairman of the Board of Baiterek Holding, Zhandos Shaikhy, convened a meeting with representatives from Citi London to discuss opportunities for expanding cooperation and explore market developments. Key topics included foreign exchange transactions, liquidity solutions, and financing options.

        Baiterek Holding and Citi have a longstanding and fruitful collaboration, marked by successful joint endeavors. This includes extending a loan to the Development Bank of Kazakhstan through Citi. Notably, the Development Bank of Kazakhstan maintains correspondent accounts with both Citi New York and Citi London. Additionally, they secured a JBIC/Citi loan to fund the construction of gas turbine power plants, and the two entities have collaborated on various securities issues.

     “The holding offers investors a streamlined avenue to conduct business in Kazakhstan. We focus on industrial and innovative development, the promotion of domestic product exports, fostering the growth of small and medium-sized enterprises, advancing agribusiness, and bolstering the housing construction sector,” – stated Zhandos Shaikhy.

        During the meeting, discussions centered on deepening partnerships through new financial and investment projects, with a focus on initiatives within the bond market, including recent Eurobond and sustainable bond issuances, where Citi served as an underwriter and ESG advisor.

     For reference: Baiterek Holding is a key financial institution in Kazakhstan, supporting priority sectors of the national economy.

     Citi stands out as a leader in the Kazakhstani banking sector, serving as a vital partner for international entities, investors, the government of the Republic of Kazakhstan, and major domestic enterprises.