Altyn Bank, an Almaty-headquartered commercial lender backed by China Citic Bank, sought collaboration with Hong Kong financial institutions and investors to develop new financing channels for Kazakhstan through the city's offshore renminbi market, its chairman told the South China Morning Post.
"Hong Kong remains the world's largest offshore renminbi liquidity hub, bringing together the largest network of investors, banks, and infrastructure for issuing renminbi debt instruments," chairman Murat Baisynov said. The bank said Kazakh investors were turning to Hong Kong dim sum bonds to raise long-term capital for regional infrastructure.
DIM SUM BOND INTEREST
China Citic Bank acquired a 50.1% stake in Altyn Bank from Halyk Bank in 2018. Chairman Murat Baisynov said three of the bank's clients were exploring dim sum (offshore renminbi) bond issues in Hong Kong, a trend he expected to continue.
The comments followed a visit to Kazakhstan and Uzbekistan in early June by a Hong Kong delegation led by Chief Executive John Lee.
Sources: South China Morning Post