DOHA: Lesha Bank LLC, a pioneer in Shariah-compliant banking in Qatar, announced the successful acquisition of Bereke Bank JSC, a prominent financial institution in Kazakhstan.
The notable transaction was formalised through a share sale and purchase agreement signed on March 31, 2024, with Baiterek National Management Holding JSC, marking a significant milestone in Lesha Bank’s strategic expansion.
The acquisition, valued at 65 billion Kazakh Tenge (approximately $134.9 million), highlights Lesha Bank’s commitment to enhancing its investment portfolio while fostering economic collaboration between Qatar and Kazakhstan.
Bereke Bank, known for its multipurpose banking services catering to both individuals and businesses, boasts a stable BB financial rating and operates 18 branches across Kazakhstan. Its integration into Lesha Bank’s operations is expected to strengthen its market presence in Central Asia, aligning with the bank’s long-term vision to explore cross-border opportunities.
Mohammed Ismail Al Emadi, CEO of Lesha Bank, articulated the significance of this acquisition, emphasizing its role in reinforcing ties between the two nations. “This acquisition marks a strategic step in strengthening our investment portfolio,” he stated, underlining the importance of such ventures in broadening Lesha Bank’s international footprint.
Lesha Bank LLC, recognised as the first independent Shariah-compliant bank in Qatar, continues to demonstrate its ambition for growth and innovation within the evolving global financial landscape. As it embarks on this new chapter with Bereke Bank, the bank positions itself to play an influential role in both the Qatari and Kazakh banking sectors, promoting increased financial cooperation and development.
