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Kazakhstan's largest bank, Halyk Bank, has undergone a significant shift in its ownership structure. Previously, the "ALMEX" holding, directly owned by Timur Kulibayev and Dinara Kulibayeva, will now be managed through a company registered in the Astana International Financial Centre (AIFC), named "Almex Holding Limited."

Changes in Ownership Structure

Details of the alterations within "ALMEX" holding's shareholder structure were published on the Financial Reporting Depository's website. According to the new arrangement, "Almex Holding Limited" is now recognized as the shareholder of "ALMEX" holding. This new entity was established by the Kulibayev family within the AIFC in September 2025.

Consequently, control over Halyk Bank will now be exercised through a company registered under the AIFC jurisdiction. Prior to this change, the Kulibayevs held direct ownership of "ALMEX."

Key Management Appointments

Zhomart Nuraev has been appointed as the director of "Almex Holding Limited." He also holds the position of Chairman of the Management Board for the "ALMEX" holding group. Meanwhile, Zhantas Abdullov has taken on the role of CEO for Almex Holding Limited, having previously served as the Deputy Chairman of the Management Board at "ALMEX."

Conclusion

As of April 1, 2026, "ALMEX" holds 61.99% of Halyk Bank's shares. This restructuring ensures the Kulibayev family maintains control over the nation's largest bank. While the change in ownership structure does not alter the ultimate beneficiaries, it legally shifts the control of the bank to a company registered within the Astana International Financial Centre.

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