OREANDA-NEWS. On 19 January 2016, Fitch Ratings has affirmed the Long-term foreign and local-currency Issuer Default Ratings (IDRs) of Altyn Bank (BB). The Outlooks remain Stable.

The ‘BB’ Long-term IDRs of Altyn Bank are equalized with the parent’s ratings. Fitch considers Altyn Bank to be core subsidiary of Halyk Bank based on its prominent role in providing key commercial banking services to large corporate and retail clients by Altyn Bank.

Alongside with its parent, Halyk Bank, Altyn Bank has the highest ratings among private banks in Kazakhstan.

Altyn Bank JSC (Subsidiary of Halyk Bank JSC), previously known as HSBC Bank Kazakhstan, established in Kazakhstan since 1998, has been acquired by and became a wholly owned subsidiary of Halyk Bank JSC in November 2014. With offices in four major cities in Kazakhstan and being a universal bank, Altyn Bank provides full range of products and services to corporate and retail clients across the country.

Halyk Bank JSC is the leading financial services group and the leading retail bank in Kazakhstan with the largest customer base and the broadest branch network. The Bank is developing as a universal financial services group rendering a wide range of services (banking services, insurance, leasing, and brokerage services) to its retail, SME and corporate clients. The Bank also operates in Russia, Georgia and Kyrgyzstan.