The Republic of Kazakhstan has a two-tier banking system.^[1]

Tier One Bank

The National Bank of the Republic of Kazakhstan is the central bank of Kazakhstan and presents the upper (first) tier of the banking system of Kazakhstan. The National Bank represents, within the limits of its authority, the interests of the Republic of Kazakhstan in the relationship with the central banks, with banks of other countries, in the international banks and other financial-credit organizations.^[2]

Second-tier banks

All banks operating in the country, except the National Bank of Kazakhstan, represent the second tier of the banking system and are second-tier banks. The legal basis for operation of the second-tier banks is the law «On Banks and Banking in the Republic of Kazakhstan» from August 31, 1995, № 2443. According to this law, a second-tier bank in Kazakhstan is a corporate entity which, irrespective of the form of ownership, carries on business for achieving its main goal of earning profits. Second-tier banks are entitled to open their subsidiary banks, branch and representative offices on the territory of Kazakhstan as well as outside of the territory of the country.^[3] Banks on April 13, 2022 there are 22 (10 of them are with foreign capital, the share of which is only 17.1%).^[4]

Data for January 1, 2023

№	Bank's name	Controlling stakeholder	Bank assets as of January 1, 2023 (billion tenge)
1	Halyk Savings Bank of Kazakhstan	Holding Group ALMEX JSC	13863
2	Kaspi Bank	Kaspi Group JSC	5087
3	Bank CenterCredit	Bakhytbek Rymbekovich Baiseitov	4347
4	Otbasy bank	National Managing Holding «Baiterek» JSC	3440
5	ForteBank	Bulat Zhamitovich Utemuratov	2914
6	Jusan Bank	First Heartland Securities JSC	2844
7	Eurasian Bank	Eurasian Financial Company JSC	2360
8	Bank RBK	KCC Financ LLP	1984
9	Bereke Bank	National Managing Holding «Baiterek» JSC	1695
10	Citibank Kazakhstan	Citibank, N.A.	1335
11	Bank Freedom Finance Kazakhstan	Freedom Finance JSC	1264
12	Altyn Bank	China CITIC Bank Corporation	981
13	Home Credit Bank Kazakhstan	Home Credit and Finance Bank LLC	552
14	Bank of China in Kazakhstan	Bank of China Limited	551
15	Nurbank	JP Finance Group LLP	469
16	Industrial & Commercial Bank of China (Almaty)	Industrial and Commercial Bank of China	290
17	VTB Bank Kazakhstan	PJSC VTB Bank	193
18	KZI Bank	T.C. Ziraat Bankası A.Ş.	171
19	Shinhan Bank Kazakhstan	Shinhan Bank	126
20	Al Hilal Islamic Bank	Al Hilal Bank PJSC	60
21	Zaman-Bank	Tasbulat Abguzhinov	36

Development Bank of Kazakhstan

Development Bank of Kazakhstan JSC operates as a national development institution in the Republic of Kazakhstan. The company’s services include investment projects funding, export operations financing, interbank lending, clients operational servicing, and lease financing. It also offers various financial services, such as mezzanine, syndicated, interim, lease transactions, and project financing; lending of current activities; and provision of guarantees, as well as equity and capital participation.^[5]

Deposit Guarantee System

Kazakhstan Deposit Insurance Fund (the KDIF) was established by Resolution of the National Bank of the Republic of Kazakhstan Management Board No. 393 dated 15 November 1999 “On incorporation of «Kazakhstan Individuals’ Deposit Guarantee (Insurance) Fund».

Individuals’ deposits placed in the second-tier banks of the Republic of Kazakhstan, excluding non-interest bearing demand deposits placed with the Islamic banks.

• Deposits in tenge are insured up to 10 million tenge per depositor per bank
• Deposits in foreign currency are insured up to 5 million tenge per depositor per bank (in equivalent, foreign exchange rate applied as of the date of effect of the court ruling regarding forced liquidation of a deposit insurance system member bank)

At present the Parliament of the Republic of Kazakhstan has approved the draft law which stipulates deposit coverage payouts on the individuals’ and individual entrepreneurs’ savings deposits up to the deposit coverage limit of 15 million tenge.^[6]

Population deposits

In August 2018 the number of deposits of individuals has reached the historic peak - 8.3 trillion tenges, 47% of the total volume of deposits.^[7]