Fintech Tycoon Emerges as Mystery Backer Behind Kazakh Bank Deal

A billionaire co-owner of Kazakh fintech giant Kaspi.kz JSC provided the financial backing that helped resolve the biggest asset dispute since Nursultan Nazarbayev resigned as president in 2019, according to people familiar with the matter.

Kazakh authorities asked Kaspi’s chairman, Vyacheslav Kim, to extend the previously undisclosed funding that allowed for a change in ownership at First Heartland Jusan Bank, the people said, speaking on condition of anonymity to discuss private details.

Vyacheslav Kim

Source: Kaspi

Under the terms of the deal reported by Bloomberg last month, Jusan’s minority shareholder Galimzhan Yessenov took control of Kazakhstan’s sixth-biggest private bank and other assets ...