Baiterek is a state-backed development institution. Credit: Tumisu from Pixabay.

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Kazakh financial holding Baiterek is weighing the sale of the local arm of Russian banking group Sberbank, Interfax has reported. 

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Earlier this month, Baiterek acquired Sberbank Kazakhstan for an undisclosed sum.

“Our goal is to make sure the bank operates smoothly. The talks on removing the bank from the sanctions lists will be easy to hold if state shareholders join the bank. As soon as the bank starts working steadily, we will begin searching for strategic investors,” the publication quoted Baiterek head Kanat Sharlapayev as saying.

As per the report, Sharlapayev revealed the plans in an interview with Kazakh journalist Dmitry Shishkin on Telegram.

Sharlapayev said a foreign investor would be given preference for the divesture. 

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“Obviously it is not only my opinion that counts, but I would give preference to a foreign investor to increase competition among the players in the financial market,” he added.

Baiterek is a state-backed development institution established to promote entrepreneurship, support the agro-industrial sector and provide housing.

In March, this year, the subsidiaries of the Russian lenders VTB, Alfa-Bank, and Sberbank, including those in Kazakhstan were added to the US sanction list after Russia invaded Ukraine. 

According to the National Bank, Sberbank Kazakhstan stood in eighth position among 22 second-tier banks operating in the country.

In early September, the Swiss Financial Market Supervisory Authority FINMA revealed that Sberbank is selling its local arm to m3 Groupe Holding.