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 is the first acquisition of a bank in Central Asia by a Qatari entity and extends Lesha Bank's footprint from the Gulf into a strategically significant emerging market corridor.
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, bringing its operations, client base, and balance sheet under Qatari ownership for the first time.
TERMS AND STRUCTURE OF THE TRANSACTION
The USD 134.9 million purchase price was fixed at the exchange rate prevailing on the completion date of 8 October 2024, a pricing mechanism common in cross-border acquisitions where the parties agree a consideration in a reference currency but acknowledge that local currency conversion at closing may introduce variation from any earlier indicative figures. The transfer from Baiterek — a state holding company with a mandate to manage strategic Kazakh financial assets — reflects Astana's broader programme of divesting state-owned bank stakes to institutional investors.
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. Its sale to Lesha Bank represents the final step in moving Bereke Bank from Kazakh state hands into private international ownership.
Lesha Bank confirmed the completion in a statement published on its website, describing the acquisition as consistent with its strategic objective of accessing growth markets outside the GCC. Kazakhstan's economy, supported by hydrocarbon revenues and a young population, represents an attractive destination for Gulf-based capital seeking diversified returns beyond the saturated Gulf banking market.
STRATEGIC SIGNIFICANCE FOR QATAR AND CENTRAL ASIA
The transaction is notable as the first instance of a Qatari-owned bank acquiring a banking institution in Central Asia, a region where Gulf sovereign and institutional capital has been increasing in other asset classes but had not previously entered the banking sector through an outright acquisition. For Lesha Bank, Bereke Bank provides an established local banking licence, branch infrastructure, and customer relationships that would take years to replicate organically.
Kazakhstan's financial sector has attracted attention from regional and international investors following regulatory modernisation and the country's positioning of the Astana International Financial Centre as a gateway for foreign capital. The AIFC's common law-based framework and access to international arbitration have lowered some of the structural barriers that historically deterred cross-border banking investment in Central Asia.
For Qatar's financial sector, the Bereke Bank acquisition adds to a growing record of Qatari institutions pursuing international banking stakes as a means of deploying capital and diversifying revenue streams. Lesha Bank's rebrand from Qatar First Bank in prior years signalled a shift in strategic orientation, and the completion of this deal represents a concrete step in that evolution. The bank has not provided forward guidance on integration timelines or post-acquisition strategy for Bereke Bank beyond what was published at completion.