Banking, finance and capital markets in Kazakhstan

Baker & McKenzie - CIS, Limited

Baker & McKenzie - CIS, Limited‘s banking and finance practice group focuses on high-end cross border transactions for a vast range of international clients, and has a particular specialism in aviation finance matters. The practice is the sole central Asian member of the Aviation Working Group’s (AWG) Legal Advisory Panel. Azamat Kuatbekov leads the practice, and has experience advising major clients on dispute resolution, acquisitions, and financing. Igor Kolupayev covers M&A and tax matters, while Alexander Korchagin handles matters pertaining to banking, M&A, and capital markets issues.

Praxisleiter:

Azamat Kuatbekov; Igor Kolupayev; Alexander Korchagin


Kernmandanten

ING Bank


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  • Advised a club of banks including ING Bank, ING Bank Singapore, Bank of China Limited Beijing, the Development Bank of Kazakhstan, Halyk Bank, and AB Bank of China Kazakhstan on the financing of the development of a soda ash production facility by the Yildirim Group in Kazakhstan.

Centil Law

Centil Law provides a full service within banking and finance for major and ground-breaking projects, ranging from drafting, negotiating and/or advice in respect of the terms of credit facilities, drafting and negotiating security documents and providing legal opinions; this includes China Development Bank’s financing of an international financial organization headquartered in Kazakhstan. Dinara Jarmukhanova leads the firm’s banking and financing practice, advising creditors and borrowers on cross-border loans, advises major securities firms and financial institutions, and represents clients in major transaction and finance projects.

Praxisleiter:

Dinara Jarmukhanova


Kernmandanten

International Finance Corporation


Export-Import Bank of China


Sea Dahlia Overseas (SFZ) LLC


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  • Advised major Chinese development bank on providing a multi-million yuan syndicated loan.
  • Advised a microfinance organization on a parallel loan facility arranged by the International Finance Corporation.
  • Advised on a multi-million term loan facility to Kazakh corporation.

Dentons

Dentons' practice has experience in advising high-profile local and international financial institutions and large corporations on a wide range of major transactions including syndicated financing, restructurings, and acquisition finance. The group is additionally adept in capital markets issues including debt capital markets, equity capital markets, and securitisation transactions.  Vassiliy Zenov advises on a broad spectrum of services including financial regulations and derivatives. Abai Shaikenov is an experienced partner involved in numerous sophisticated transactions, including those with cross-border elements. Alexandra Fasakhova is an experienced advisor on major bank-lending transactions, debt and equity capital markets deals, derivatives and regulatory matters.

Praxisleiter:

Abai Shaikenov; Vassiliy Zenov


Weitere Kernanwälte:

Alexandra Fasakhova; Ivan Ivanov


Referenzen

‘This practice is unique in combining deep knowledge of Kazakhstan’s regulatory environment with a strong alignment to international standards. The team’s main strength lies in its ability to deliver clear, practical solutions that balance local realities with global best practices.‘

‘The individuals we work with stand out for their deep expertise, practical mindset, and ability to translate complex legal issues into clear and actionable advice. Partners such as Vassiliy Zenov are highly valued for their openness, strong leadership, and client-oriented approach.‘ 

‘Dentons‘ Kazakhstan team stands out not only for their exceptional expertise in banking law, but also for their unique contribution to shaping the future of the industry. Their involvement in the drafting and development of the new Banking Law in Kazakhstan demonstrates the depth of their knowledge, influence, and commitment to advancing the legal framework of the sector.‘

Kernmandanten

European Bank for Reconstruction and Development (EBRD)


Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market


National Bank of Kazakhstan


Association of Financiers of Kazakhstan


ForteBank JSC


TAV Holding Airports


Asian Development Bank (ADB)


Abu Dhabi Commercial Bank PJSC (ADCB)


International Finance Corporation (IFC)


Solidcore Resources


Bank of China (Dubai) Branch


Deutsche Bank AG


Abu Dhabi Commercial Bank PJSC (ADCB)


Trafigura Pte Ltd


RCF VII – RG Gold S.a.r.l.


First Abu Dhabi Bank PJSC (FAB)


CQUR Bank


J.P. Morgan


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  • Advised the Kazakhstan financial regulator—supported by the EBRD—on a landmark overhaul of the nation’s banking framework.
  • Advised ForteBank on its debut international Eurobond issuance of US$400 million 7.75% senior unsecured notes due 2030 under Regulation S/Rule 144A — the first Eurobond by a private Kazakh bank in over 12 years.
  • Advised the National Bank of Kazakhstan and the Association of Financiers of Kazakhstan (AFK) on drafting the first-ever Kazakh law-governed “Model Terms of the Master Financial Agreement for entering into derivative transactions on the unorganised securities market” (the “K-ISDA”).

Kinstellar LLP

Kinstellar LLP advises clients, including major financing institutions and state agencies, on a diverse array of complex transactions. The team also advises on matters of regulatory compliance, as well as on capital markets issues. Cross-border finance transactions are a notable area of strength for the department, including PPPs. Joel Benjamin continues to advise clients on a range of matters in practice, both on a domestic and regional scale (Central-Asia). Adlet Yerkinbayev advises clients from the banking market on acquisitions and capital markets issues. Pavel Kornilov assists both private clients and state entities. Yerlan Akhmetov specialises in licensing, with niche aptitude acting for digital and fintech banking institutions. Aigerim Raikhanova is one to watch.

Praxisleiter:

Joel Benjamin; Adlet Yerkinbayev


Weitere Kernanwälte:

Pavel Kornilov; Yerlan Akhmetov; Aigerim Raikhanova


Referenzen

‚Strongest in the country and best connections with key issuers and banks.‘

‚Kinstellar consistently provides timely and pragmatic legal support. The team demonstrates strong expertise in Kazakh law and is able to communicate clearly, even in complex situations. Their professionalism and reliability make them a trusted partner for cross-border transactions.‘

‚Having worked for years in the legal sector, I know what makes a strong legal team—and Kinstellar is one of the most impressive. They combine deep local expertise with international exposure, regularly collaborating with US and UK-qualified lawyers to deliver advice aligned with global standards. The team is responsive, and highly capable in complex, cross-border matters.‘

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  • Acted as Kazakhstan counsel to JSC Kaspi.kz in its successful debut bond issuance.
  • Advised on the financial close of Central Asia’s largest healthcare PPP project in Kokshetau.
  • Advising the Ministry of Finance of the Republic of Kazakhstan on the successful placement of sovereign U.S. dollar-denominated Eurobonds.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP‘s banking and finance practice offers expertise in Kazak law, AIPAC and foreign law to assist local and international clients on cross-boarder transactions, including assisting in high value financing matters. The department is active in a range of sectors including energy, telecoms, infrastructure, and agriculture. Aset Shyngyssov leads the firm’s practice, with experience in infrastructure projects, joint ventures and capital market transactions. Asem B. Bakenova is active for both domestic and international clients in an array of matters, with aptitude in the industrial and infrastructure sectors.

Praxisleiter:

Aset Shyngyssov


Weitere Kernanwälte:

Bakhytzhan Kadyrov; Asem Bakenova


Kernmandanten

Wabtec Corporation


ArcelorMittal Netherlands B.V.


Compass Group PLC


Power International Holding W.L.L.


Yildirim International Investment Holding B.V.


Sunrise Foods International Inc.


Arm Wind LLP


Alstom Transport B.V.


Cai Electro Metalurgica SA (ME Elecmetal)


Tiryaki Agro Gida Sanayi Ve Ticaret A.S.


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  • Represented Power International Holding W.L.L., a Qatar-based diversified industrial group, in connection with its acquisition of Mobile Telecom-Service LLP, a major mobile telecom operator in Kazakhstan operating under the brands Tele2 and Altel.
  • Represent Alsera Jeotermal Tarım Gıda Sanayi ve Ticaret A.Ş., a subsidiary of Alarko Tarım Sanayi ve Ticaret A.Ş. in connection with a large-scale agricultural investment project in the city of Shymkent involving the development of industrial greenhouses.
  • Represented Asian Infrastructure Investment Bank in connection with a major financing project relating to five wind farms in Kazakhstan, with a combined capacity of 221 MW secured by wind farm companies’ property.

SIGNUM Law Firm

SIGNUM Law Firm‘s practice has broad sector coverage, with particular strength in evolving industries such as renewable energy and biotech. The group provides broad expertise in the practice area, advising on financing and regulatory issues relating to a range of corporate activities, including acquisitions, investments, project development. Liza Zhumakhmetova leads the practice, and has strength in the energy and telecommunications sectors. Ulan Stybayev has expertise in cross-border projects, and is active for both lenders and borrowers.

Praxisleiter:

Liza Zhumakhmetova


Weitere Kernanwälte:

Ulan Stybayev


Referenzen

‘Ulan Stybayev is an expert in his field, diligent, professional, and reliable.’

‘They are prompt, responsive and very accurate.’

‘They are very good professionals who react promptly and with very good expertise.’

Kernmandanten

Terra Payment Services (UK) Limited


 


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  • Advising Masdar, a UAE-based company, on its investment into Kazakhstan to construct record-breaking 1 Gigawatt renewable project in Kazakhstan.
  • Advising Mercuria Energy Trading SA in credit facility extended to Kazakhmys Middle East DMCC by Mercuria Energy Trading SA with Kazakhmys Corporation LLP acting as the guarantor.
  • Advising Aerodyne Caspian LLP on investment by Khazanah Nasional Berhad and Permodalan Nasional Berhad in Aerodyne, a Malaysia-based drone enterprise solutions provider.

AEQUITAS

AEQUITAS provides a range of services, including advising on derivatives transactions and a range of financing matters. The group is adept in issues relating to securities markets, providing guidance to clients on shares and commodities. The head of the practice is Yelena Manayenko, who advises clients on the structuring of local and international transactions, the drafting and coordination of commercial contracts, and a range of other agreements. Yekaterina Khamidullina is experienced in financing matters and offers expertise in AIFC law. Zhandaulet Sholanov has left the firm.

Praxisleiter:

Yelena Manayenko


Weitere Kernanwälte:

Tair Kulteleev; Kirill Greshnikov; Almagul Agadil


Referenzen

‘Specialised expertise: The team brings deep, niche knowledge in infrastructure finance, cross-border M&A, ESG compliance allowing them to deliver highly tailored solutions.‘

‘Depth of experience: Most AEQUITAS lawyers have over a decade of legal practice, with many having contributed directly to the development of Kazakhstan’s legal framework.‘

Kernmandanten

China Huadian Corporation Ltd


Chevron Direct Investment Fund Ltd.


DAI Global


Pillsbury Winthrop Shaw Pittman LLP


Highlight-Mandate


  • Supporting a transaction (on the part of an investor) involving the acquisition by China Huadian Corporation Ltd. of the Kazakhstan company Tesis LLP.
  • Supporting Chevron Direct Investment Fund Ltd. in a transaction involving subscription to additionally issued shares of RMK Limited and VES Limited – holdings owning operating companies in Kazakhstan.
  • Advising a major US company implementing USAID projects in Kazakhstan on the key requirements of the Kazakhstan legislation applicable to its activities, including, among other things, issues of corporate, tax and labour law.

GRATA International

GRATA International assists lenders and borrowers, including major banks and private investors, in a number of matters including project finance transactions, cross border lending, and regulatory advice, and specialises in PPP projects, including energy and infrastructure projects in Kazakhstan and the wider Centra-Asia region. Co-head Shaimerden Chikanayev offers services in cross-border lending matters and capital markets transactions. Fellow co-head Marina Kahiani is experienced in advising foreign and international banks and financial institutions in cross-border project finance and PPP matters.

Praxisleiter:

Shaimerden Chikanayev; Marina Kahiani


Weitere Kernanwälte:

Lola Abdukhalykova; Zarina Kabashova


Highlight-Mandate


  • Acting as official legal counsel to Mastercard in Kazakhstan and across multiple jurisdictions of its regional presence, including Armenia, Azerbaijan, Belarus, Georgia, Kyrgyzstan, Moldova, Tajikistan, Turkey, Ukraine, and Uzbekistan.
  • Advising EBRD on its Risk Sharing Framework Programme in Kazakhstan with its local partners JSC Bank Center Credit and JSC “Shinhan Bank Kazakhstan” on projects with their local borrowers.
  • Acting as lead legal counsel to the Asian Development Bank and the Ministry of Health of Kazakhstan on the development of a 300-bed multifunctional university hospital in Karaganda.

White & Case Kazakhstan LLP

White & Case Kazakhstan LLP‘s practice offers its expertise in project finance across a variety of sectors, particularly the mining and energy industries. The practice also advises on cross-border transactions, with expertise in both Kazakh and English law, as well as leveraging the firm’s other offices. Maxim Telemtayev heads the practice, and advises clients in the infrastructure, renewable energy, and financial sectors, among others.

Praxisleiter:

Maxim Telemtayev


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