Branch subsidiary of JSC "Baiterek National Management Holding"

IFC and HCSBK summed up the results of first stage of cooperation

7 February 2019
IFC which is a member of the World Bank Group, and HCSBK (a subsidiary of Baiterek holding) discussed today the current activity of the bank within the agreement, which was signed between the financial organizations at the end of 2018. The purpose of this agreement – development of a new loan product for HCSBK.
The second stage is finalization of development of current product line of HCSBK as well as launching of new products and services for increase of affordability of housing loans in Kazakhstan.
-As of today the most affordable way to purchase housing in Kazakhstan is the system of housing construction savings. 1,3 Kazakhstan citizens put confidence in it, and this is 13,8% of the share of economically active population of the country. The bank helped improve housing conditions to 172 thousands of Kazakhstan citizens, - said Lyazzat Ibragimova – chairperson of HCSBK board of directors – in order to increase the number of housewarming events among HCSBK depositors the bank goes to international level. This will attract additional investments and will help to implement new tools for solving of the housing issue. Primarily bank depositors will benefit from such cooperation. They will receive quality services based on multi-year international practice and will have their own home.
IFC representatives stated that currently bank and financial institutions of Kazakhstan have great potential in housing financing system.
-IFC aims at helping HCSBK in determination of the way for sustainable growth using information received as a result of operating in different countries, in which housing financing market participants adapted to changing market conditions, – noted Cassandra Colbert – chief of IFC regional representative office of Central Asia, - new products and services offered by HCSBK will create the basis for healthy development of housing financing market of Kazakhstan and will allow the bank to continue to offer to the population modern and affordable mortgage loans.
IFC is the leading international investor in the field of housing financing and offers a unique combination of investment services and first class experience in order to stimulate development of reliable and widely available markets of housing financing.

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