Gref Complains About Kazakh Banking

By The Moscow Times

Jan. 28, 2013

Restrictions on foreign investment in Kazakhstan's banking sector amount to discrimination that could impact development of the Eurasian Economic Union, Sberbank chief German Gref said, Izvestia reported.

Gref is particularly upset about limits imposed on Kazakh state-owned companies use of foreign-owned banks, the report said, citing a letter from the Sberbank chief to Deputy Prime Minister Igor Shuvalov, who chairs the union's integration committee.

Gref wrote in the letter to Shuvalov that the restrictions, which effectively limit the market share of foreign-owned banks in Kazakhstan, are the work of Samruk-Kazyna, a state-holding that manages the Kazakh government's shares in state-owned companies.

The restrictions could stymie Sberbank's target of attracting 20 billion Tenge ( $132.8 million) from corporate clients via its Kazakh subsidiary, analysts from InvestCafe said in a note Monday.

Related articles:

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue