Altyn Bank JSC (SB of China Citic Bank Corporation Ltd), previously known as HSBC Bank Kazakhstan, established in Kazakhstan since 1998, has been acquired by and became a wholly owned subsidiary of Halyk Bank JSC in November 2014. With offices in four major cities in Kazakhstan and being a universal bank, Altyn Bank provides full range of products and services to corporate and retail clients across the country.
On May 18, 2018, Fitch Ratings has upgraded Altyn Bank's Long-Term Issuer Default Ratings (IDRs) to ‘BBB-‘ from ‘BB’ and removed the ratings from Rating Watch Positive (RWP). The Outlook on the IDRs is Stable.
The rating action follows the acquisition of a 60% stake in Altyn Bank by China CITIC Bank Corporation Limited (BBB/Stable) and Shuangwei Investment Co., Ltd.
Earlier on April 24, 2018 Halyk Bank of Kazakhstan JSC successfully completed a sale of a 60% stake in share capital to foreign investors: China CITIC Bank Corporation Limited acquired 50.1% of the shares and China Shuangwei Investment Co., Ltd. - 9.9% of the shares previously owned by Halyk Bank of Kazakhstan JSC. At the same time, the Kazakhstan shareholder’s remaining share of capital is 40%.