Bank Buyout to End Biggest Legal Rift of Post-Nazarbayev Era (1)

A minority shareholder is set to wrest full control of a top Kazakh bank as part of a settlement to end the biggest asset dispute since Nursultan Nazarbayev resigned as president in 2019, according to people familiar with the matter.

Under the terms of a deal to be announced soon, Galimzhan Yessenov will increase his stake in First Heartland Jusan Bank to almost 100% from near 20%, the people said, declining to be identified as the information isn’t public. The seller is Jusan Technologies, a UK-based company that was linked to a foundation set up by Nazarbayev.

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