HSBC expands in Central Asia's biggest economy

16 July 2008

HSBC has opened its first branch in Astana, the capital of Kazakhstan, increasing its presence in Central Asia's biggest economy.  The new branch offers a full range of retail and commercial banking products and services as well as foreign exchange and capital markets expertise. This is the first of three branches scheduled to be opened in the country this year, with plans for a second branch in city of Atyrau already well underway. Over the medium term, HSBC aims to build a network of branches in major cities across Kazakhstan.    

Simen Munter, CEO, HSBC Bank Kazakhstan, said: "We believe that HSBC, with its network in over 80 countries and territories, has a compelling advantage over local institutions and one which we aim to maximise by offering our banking services to customers across Kazakhstan."  

Tony Mahoney, Group General Manager, International, HSBC Bank plc, added: "As Kazakhstan develops so will appetite for increasingly sophisticated banking products and services. This is something that HSBC as a leading international bank is very well placed to provide." 

Kazakhstan has a population of around 15 million and is the ninth largest country in the world. It has become an important growth market in recent years, fuelled by free market policies and a supportive environment for foreign investment, as well as a wealth of natural resources.

Media inquiries:
Neil Brazil
HSBC Holdings plc
+44 20 7992 1572
neilbrazil@hsbc.com 

Anastassiya Nassyrova
HSBC Bank Kazakhstan
+7 701 760 4981
anastassiyanassyrova@hsbc.kz

HSBC Holdings plc
HSBC Holdings plc serves over 128 million customers worldwide through around 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some US$2,354 billion at 31 December 2007, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

HSBC Bank Kazakhstan
HSBC began operations in Kazakhstan on 31 December 1998. It currently employs in excess of 130 people and offers the full range of products and services including: time deposit and savings accounts, personal and corporate loans, mortgages, foreign exchange, remittances, documentary credits, guarantees and cash management.

Kazakhstan at a glance

• Capital: Astana (since December 10, 1997). 
• Independence Day: December 16, 1991.
• Monetary unit: Tenge - equal to 100 tyins. It was introduced on November 15, 1993.
• Population: 15.4 million people (2007); density - 5.5 people per 1 sq km.
• Location: Central Asian region, deep in the Eurasian continent; south of Russia and northwest of China. 
• Territory: Kazakhstan occupies 2724 900 sq km (i.e. 1049 150 sq miles) thus being the 9th largest country of the world.
• Borders: Total length is 13 095 km with a sea border of 2964 km. The borderline between Kazakhstan and Russia - 7.512 km - is the longest land border in the world. Kazakhstan also borders China to the east for 1782,75 km, to the south - Turkmenistan for 426 km, Uzbekistan for 2134,2 km. and Kyrgyzstan for 1241,58 km. Kazakhstan has long coastline - it borders the Aral Sea, now split into two bodies of water, for 1,070 km, and the Caspian Sea for 1,894 km. 
• Climate: The climate of the country is sharply continental. Average temperature in January varies within 19° - 4° C while average July temperature fluctuates within + 19° - + 26° C. The lowest temperature in winter may go down to - 45° C with the highest one in summer + 30° C.
• Natural resources: The world's largest reserves of barite, lead, tungsten, and uranium; second largest reserves of chromite, silver, and zinc; third largest of manganese; significant deposits of copper, gold, and iron ore; oil and gas reserves of world class. Current oil reserves estimates 32.5 billion barrels (twice as much as the North Sea). 100-110 billion barrels - projected oil reserves by 2015 (would be in top 5 of the world). Current gas reserves - 2 trillion cubic metres; 5 trillion cubic metres - projected gas reserves by 2015.
• GNI per capita: US $3,790 (Asian Development Bank 2006).
• Real GDP growth rate: 9.4% (2005) 10.6% (2006) 8.5% (2007).
• Languages: Kazakh is the state language of the Republic. Russian language enjoys the status of the official under the Constitution. Kazakhstan has officially announced its aspiration to become a trilingual nation to help meeting its ambitious goals. These will be Kazakh as the state language, Russian as the language of interethnic communication, and English as the language of successful integration into the global economy and community.
• Major Cities: Astana, Almaty (former capital), Karaganda, Shymkent, Pavlodar, Taraz, Ust-Kamenogorsk, Uralsk, Kostanay, Aktobe, Petropavlovsk, Semey, Aktau, Atyrau, Kokshetau.

Source: Embassy of Kazakhstan in Belgium and UK unless otherwise stated.