Altyn Bank

Altyn Bank JSC (Subsidiary of Halyk Bank JSC), 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 2 April 2015, Fitch Ratings has assigned Altyn Bank JSC Long-term foreign and local-currency Issuer Default Ratings (IDRs) of 'BB'. The Outlooks are Stable. Altyn Bank’s Long-term IDRs are aligned with the ratings of its parent institution Halyk Bank JSC which acquired 100% of Altyn Bank’s (former SB HSBC Bank Kazakhstan JSC) ordinary shares in 4Q2014. In Fitch’s view, Halyk’s high propensity to support its subsidiary, if needed, is based on Altyn Bank’s being the key and integral part of the parent’s group providing the core services to core clients in the domestic market. Alongside with its parent, Halyk Bank, Altyn Bank has the highest ratings among private banks in Kazakhstan.