Lesha Bank, the Qatari institution formerly known as Qatar First Bank, completed the acquisition of Bereke Bank Kazakhstan on 8 October 2024, paying USD 134.9 million based on the exchange rate at completion. The transaction extends Lesha Bank's footprint from the Gulf into Kazakhstan.
The deal was completed following the transfer of Bereke Bank's full 100% shareholding from Baiterek National Management Holding, a Kazakh state-owned development conglomerate, to Lesha Bank. With the transfer finalised, Bereke Bank becomes part of Lesha Bank.
TERMS AND STRUCTURE OF THE TRANSACTION
The agreed purchase price was KZT 65 billion, equivalent to USD 134.9 million (USD 134,899,552) at the exchange rate at completion on 8 October 2024; the share sale and purchase agreement had been signed on 31 March 2024. The transfer from Baiterek — a state holding company with a mandate to manage strategic Kazakh financial assets — followed Baiterek's stated aim of stabilising the bank's operations and attracting a strategic investor.
Bereke Bank was previously known as Sberbank Kazakhstan, the local subsidiary of Russia's largest bank, before being nationalised and rebranded following sanctions-related restructuring that followed Russia's invasion of Ukraine in 2022. Baiterek took control of the bank during that process.
Lesha Bank confirmed the completion in a disclosure published on the Qatar Stock Exchange website, with chief executive Mohammed Ismail Al Emadi saying the deal aligned with its long-term vision of fostering cross-border opportunities and expanding in international markets.