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First Heartland Securities (FHS), the holding company of Alatau City Bank and owned by billionaire Vyacheslav Kim, has officially changed its name to United Group Alatau. This rebranding comes as a significant development for the entity that has played a key role in Kazakhstan's banking sector.

A History of Banking Transformations

The company has a notable history of acquisitions and rebranding. Previously, in early 2019, First Heartland Securities acquired Cesna Bank, which was facing a crisis, and relaunched it as Jusan Bank. The evolution continued in September 2021 when ATFBank, owned by Galimzhan Yesenov, also came under the control of Jusan Bank.

Shifting Ownership and Control

Before 2020, FHS was indirectly linked to funds controlled by the Kazakh government apparatus and the 'Nazarbayev Fund' through Pioneer Capital Invest. However, in 2020, 99.7% of Pioneer Capital Invest's shares were transferred to the British company Jusan Technologies. This transaction and the subsequent shift of Jusan Bank to foreign control led to a series of contentious legal disputes.

Resolution and New Direction

By June 2023, all legal disputes were resolved, and Jusan Bank and its subsidiaries were returned to Kazakh jurisdiction. Ownership was transferred not to the Nazarbayev Fund, but to businessman Galimzhan Yesenov. From this point, he held 77.86% of the bank's shares through First Heartland Securities, with an additional 19.67% held directly by him.

Vyacheslav Kim's Investment

Reports of Vyacheslav Kim's intention to acquire Jusan Bank first emerged in September 2024, according to Bloomberg. By July 2025, Kim finalized the acquisition of the former Jusan Bank, establishing control through FHS. Vyacheslav Kim, a co-founder of Kaspi.kz, is recognized as the wealthiest Kazakhstani according to Forbes, with an estimated net worth of $7.1 billion. In late May 2025, he announced plans to inject $1 billion of his personal funds into Alatau.

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