Fitch affirms Bereke Bank's rating at B+ with a Stable outlookInternational rating agency Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Bereke Bank at "B+" with a "Stable" outlook, according to the agency’s statement."Bereke's Long-Term IDRs and National Long-Term Rating are driven by its intrinsic credit strength, as measured by its 'b+' Viability Rating (VR). Bereke's VR reflects its weaker business profile and profitability compared with domestic peers', and moderate capitalisation," the release says.Analysts note that Bereke Bank is a small bank in the concentrated Kazakh banking sector, with about 4% of sector assets at end-1Q25. Bereke is mainly focused on SME and retail lending, although new business prospects are challenged by certain franchise limitations and competitive pressures from larger banks."In 4Q24, the state-owned JSC National Management Holding Baiterek (BBB/Stable) completed the sale of its 100% equity stake in Bereke to Qatar-based Lesha Bank LLC. Fitch believes integration between the two entities, as well as Bereke's role in the group, is limited," the agency noted.Bereke's Government Support Rating (GSR) of 'no support' reflects Fitch's view that support from the Kazakhstan authorities is unlikely given the bank's limited systemic importance. Fitch also does not factor any shareholder support from Lesha in Bereke's ratings, as shareholder support cannot be relied on.The Kazakh subsidiary of Sberbank fell under U.S. blocking sanctions in March 2022. In September 2022, Sberbank sold the bank to Baiterek, which renamed it Bereke Bank.On March 8, 2023, the U.S. Office of Foreign Assets Control (OFAC) removed Bereke Bank from the Specially Designated Nationals (SDN) and Sectoral Sanctions (SSI) lists.In 2024, Qatar’s Lesha Bank acquired Bereke Bank for 65 billion tenge.Lesha Bank operates under Sharia principles and holds a license from the Qatar Financial Center Regulatory Authority (issued June 30, 2010) for banking activities, including deposits, lending, investments, and fund management.As of April 1, 2025, Bereke Bank ranks 8th by assets among Kazakhstan’s second-tier banks. (ICE ALMATY)

Fonte notizia: INTERFAX