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Best Bank Awards

Kazakhstan's best international bank 2021: Citi


Saule Zhakayeva, Citi Kazakhstan.jpg
Saule Zhakayeva, Citi Kazakhstan

Citi’s commitment to Kazakhstan has not wavered in the 25-plus years that it has had a presence in the Central Asian country. It has only become stronger.

Its strong global investment banking and capital markets franchise is equally robust in Kazakhstan, where it worked on a handful of eye-catching deals during Asiamoney’s awards period.

The US bank was one of four bookrunners on Development Bank of Kazakhstan’s $734 million dollar and tenge Eurobond, issued in April 2021.

It was a global coordinator on the secondary public offering of Kazakh fintech firm Kaspi in London in October 2020, a deal worth a total of about $1 billion, including the sale of depositary receipts on the Astana International Exchange.

Citi also helped Kaspi’s shareholders, Goldman Sachs and Baring Vostok Capital Partners, raise $403 million in March 2021 from an overnight selldown of shares in the Kazakh firm.

In addition, the bank was a financial adviser and corporate broker to KAZ Minerals in its £4.1 billion take-private transaction by Nova Resources.

Beyond investment banking, Citi has a strong foothold in Kazakhstan’s corporate banking market.

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