INTERNATIONAL BANKS MUST BE ON AN EQUAL FOOTING WITH LOCAL FINANCIAL INSTITUTIONS, NAZARBAYEV
Astana. June 22. Interfax-Kazakhstan - President Nursultan Nazarbayev said that international banks must have no competitive advantage in Kazakhstan.
"The government and the National Bank must take into account that foreign banks have a preferential position in the market and a competitive advantage. Let them work, but on equal terms with domestic banks," said the president at a meeting on business development in Astana on Friday.
"If a foreign bank powered by its government and supported by its parent bank competition with our banks that are privately-owned, we must support pour banks and create similar conditions for them," he said.
"Foreign banks must not have over 30% of the financial services market in Kazakhstan. This is for certain," said Nursultan Nazarbayev.