Next Generation Partners

Banking, finance and capital markets in Kazakhstan

AGZ / Zan Hub

AGZ / Zan Hub‘s has an excellent reputation for banking, finance and capital markets work in Kazakhstan. Aituar Madin, who leads the capital markets department, has handled equity work, while senior associate Karina Sultanaliyeva also has experience of green bond structures. Elsewhere, the firm is active in project finance transactions for lenders, sponsors and investment advisors, among others. In this space, Madiyar Bekturganov has a strong focus on the energy and power, transportation and infrastructure sectors.

Practice head(s):

Aituar Madin; Madiyar Bekturganov

Other key lawyers:

Karina Sultanaliyeva

Key clients


Halyk Finance JSC

Samruk-Kazyna JSC

J.P. Morgan Securities plc

Kaz Green Energy LLP

Forte Bank

Jusan Bank

South West Bank


MUFG Bank, Ltd.

Bank of China

Work highlights

  • Advised Samruk Kazyna in connection with its debut $500m euronotes issue listed on LSE, KASE and AIX.
  • Advised JSC Halyk Finance on the public offer of NC Food Contract Corporation in connection with RUB 7bn coupon inconvertible bonds issued in Russian Federation.
  • Advised J.P. Morgan Securities plc, Citigroup Global Markets Limited, MUFG Securities EMEA plc and JSC Halyk Finance (as lead managers) and Deutsche Trustee Company Limited (as trustee) on the issuance of $700m euronotes by the Development Bank of Kazakhstan.

Baker & McKenzie - CIS, Limited

Azamat Kuatbekov and counsel Gulnur Bekmukhanbetova head the banking and finance practice at Baker & McKenzie - CIS, Limited. The team has a standout reputation for handling all aspects of specialist aviation finance work, in addition the firm works in the field of capital markets, and has acted for credit card issuers in the evolving payment services sector. Counsel Alexander Korchagin is also recommended.

Practice head(s):

Gulnur Bekmukhanbetova; Azamat Kuatbekov

Other key lawyers:

Alexander Korchagin


‘The firm’s quality of materials and depth of analysis is not easy in that part of the world.’

‘Gulnur Bekmukhanbetova is a quality lawyer with a depth of knowledge in different areas. She has a true client-oriented approach.’


Dentons‘ banking, finance and capital markets practice has notable experience representing local and international financial institutions, as well as large corporations, in high-value financial matters. The firm has been active in Kazakhstan for more than two and a half decades, with offices in both Almaty and Astana. Newly promoted partner Vassiliy Zenov leads the team, whose varied workload spans areas such as syndicated lending, asset finance, acquisition finance and aviation finance, among various others. Its recent work has also included a number of debt capital market transactions. Other key individuals include managing partner Abai Shaikenov  and senior associate Ali Imanalin.

Practice head(s):

Vassiliy Zenov

Other key lawyers:

Abai Shaikenov; Ali Imanalin; Nargiza Khamrayeva


‘The firm is very prompt and hard working. The partners put in effort to describe matters vividly, so there is little to no chance of having a round of questions sent back to them. We were very satisfied.’

‘Dentons have one of the strongest teams in the market, with deep industry knowledge. They understand the needs of the clients, they know current issues, future and potential developments. The banking, finance and capital markets team has exceptional quality control.’

‘Vassiliy Zenov is extremely matured in banking, finance and capital markets, in addition to related industries such as corporate, all of which helps Dentons to deliver exceptional results.’

‘Qualified personnel, close-knit team, prompt resolution of issues, long-term cooperation.’

‘Qualified, polite, flexible’.

‘Familiar with the local laws, requirements and developments in the derivatives market. They are quick to discuss issues at hand and their ability to work under tight deadlines is also much appreciated.’

‘Ali Imanalin was responsive, proactive and had to work under very tight deadlines which was appreciated by our team.’

Key clients


Asian Development Bank

Agency for Regulation and Development of Financial Market

BTS Digital

Eurasian Resources Group

Astana Financial Services Authority

Air Astana

Work highlights

  • Advised EBRD, National Bank of Kazakhstan, and Agency for Regulation and Development of Financial Market on drafting and negotiating the legislative changes on effective legal framework for resolution and sale of non-performing loans in Kazakhstan.
  • Advised EBRD, National Bank of Kazakhstan, and Agency for Regulation and Development of Financial Market on developing an effective legal framework for cross-border OTC derivatives.
  • Advised Asian Development Bank on the listing and placement on the KASE of KZT 14.5 billion 10.155% bonds, and on the settlement of trades via Kazakhstan Central Securities Depository.

Kinstellar LLP

Kinstellar LLP has an outstanding track record representing financial and industrial clients, including private equity funds and enterprises, on transactions in the banking space. The group is led by managing partner Joel Benjamin, who has worked in the US and Uzbekistan as well as the firm’s three Kazakhstan offices. He specialises in areas such as trade finance, project finance and acquisition finance, although further expertise includes equity and debt capital markets transactions. Benjamin co-heads the practice with Almaty-based Adlet Yerkinbayev, who led the team on the IPO by national oil and gas giant KazMunayGas JSC on the London Stock Exchange in a high-profile highlight. Counsel Pavel Kornilov is also recommended.

Practice head(s):

Joel Benjamin; Adlet Yerkinbayev

Other key lawyers:

Pavel Kornilov; Maksim Grekov; Kairat Baizakov; Kuanysh Shekerbekov

Key clients

Citigroup Global Markets Limited

UBS, Citi, MUFG and VTB

Work highlights

  • Advised UBS, Citi, MUFG and VTB on the debut Eurobond offering by Samruk-Kazyna.
  • Advised Citigroup Global Markets Limited in its capacity as corporate stockbroker to JSC appointed to undertake a programme of purchases of the JSC’s depository receipts listed on the London Stock Exchange.

Morgan, Lewis & Bockius LLP

Operating across two fully-fledged offices in Kazakhstan in Almaty and Astana, the team at Morgan, Lewis & Bockius LLP handles high-value and often cross-border finance matters for a range of clients, including corporates, banks, asset managers and sovereign wealth funds. The group is led by managing partner and general director Aset Shyngyssov, whose expertise lies in projects related to M&A, oil and gas, infrastructure, joint ventures and capital markets transactions. Other key individuals include tax head Bakhytzhan Kadyrov and Asem Bakenova.

Practice head(s):

Aset Shyngyssov

Other key lawyers:

Bakhytzhan Kadyrov; Asem Bakenova; Karina Ilyussizova; Aida Akhmetova; Asset Nakupov; Zhamilya Bilisbekova


‘Very strong and smart team.’

‘Partner understands the client and proposes ways to achieve goals.’

Key clients

VTB Bank

Air Astana

Pioneer Capital Invest

Alstom Transportation

Compass Group

BeNeLux Chamber of Commerce



RG Processing

Wabtec Corporation

Work highlights

  • Represented an investment subsidiary of a large-sized bank on a $500m mining financing transaction.
  • Represented an investment company in a $200m acquisition of a large bank.
  • Represented a large bank in a financing of the construction of a world-scale mining complex.


The banking and finance practice at SIGNUM Law Firm offers cross-border transactional and regulatory advice to corporates, banks, investors and other financial institutions. Project finance is an area of strength for the team, which is a major player in the oil and gas and energy sectors. Other significant drivers of work include asset finance and restructuring work. Liza Zhumakhmetova, Gaukhar Kudaibergenova, Sofiya Zhylkaidarova and Abylkhair Nakipov co-head the practice.

Practice head(s):

Abylkhair Nakipov; Liza Zhumakhmetova; Sofiya Zhylkaidarova; Gaukhar Kudaibergenova


‘We use Signum’s team for transactional finance advice. It has a great understanding of English-law governed transactions as well as their practical enforceability in Kazakhstan.’

‘Gaukhar Kudaibergenova is commercially minded and keeps the client’s business goals in focus at all times. She is a very reliable finance attorney, experienced in advising on cross-border transactions of the utmost complexity.’

Key clients


London Prime


European Bank for Reconstruction and Development

Work highlights

  • Advising CITCO Group in managing over $1 trillion of assets relating to the Kazakhstan banking and finance laws requirements to the operations of hedge funds and representative offices of international financial institutions.
  • Advising Tengizchevoil in exploring the world’s deepest producing supergiant oil field on the validity of a multimillion financial international guarantee issued in the 1990s to secure potential environmental hazards to the state relating to oil & gas fields exploration.
  • Advising a Chinese investor relating to the financial structuring of a $130m investment to Zhanatas Wind Power Station.


Yelena Manayenko and Nurlan Sholanov head the banking and finance practice at AEQUITAS. International clients turn to the firm for its experience in local business and security transactions, bank loans, and the acquisition of assets, shares and commodities. In addition, the group advises on Islamic finance and alternative financing instruments, and has seen recent growth in the number of clients whose activities relate to the use of cryptocurrency in Kazakhstan. Another name to note is senior associate Yekaterina Khamidullina.

Practice head(s):

Yelena Manayenko; Nurlan Sholanov

Other key lawyers:

Yekaterina Khamidullina; Kirill Greshnikov


‘AEQUITAS has assisted us in multiple matters over the past few years in relation to Kazakhstan law, and I have been delighted by their service in all respects.’

Key clients

Forge Global



Centil Law

At Centil Law, the banking and finance practice combines local and international knowledge in its advice to leading global banks. The team is led by Dinara Jarmukhanova, whose further expertise includes cross-border loans, debt capital markets, and aircraft finance.

Practice head(s):

Dinara Jarmukhanova

Other key lawyers:

Asror Fayzov

Key clients

The Export-Import Bank of China

China Development Bank

Work highlights

  • Advising the China Development Bank on its potential loan to the international financial institution headquartered in Kazakhstan, for on-lending to finance-specific infrastructure projects located in participating member countries of the borrower.
  • Advised the Export-Import Bank of China on matters related to the provision of state guarantee by the Kazakhstan Government in favour of the bank.

GRATA International

Almaty-based Shaimerden Chikanayev and Marina Kahiani lead the team at GRATA International, which is noted for its unique experience in PPP projects across Kazakhstan and other central Asian jurisdictions. It is also active in matters related to acquisition finance, fintech, project finance and infrastructure. In the capital markets space, the group has experience in IPOs and the issuance of Eurobonds. Counsel Lola Abdukhalykova is also recommended.

Practice head(s):

Shaimerden Chikanayev; Marina Kahiani

Other key lawyers:

Lola Abdukhalykova


‘The team was very responsive and knowledgeable.’

Key clients

European Bank for Reconstruction and Development

China Development Bank

Bank of China (Hong Kong)

International Finance Corporation

VTB Group


Sberbank of Russia

JSC Gazprombank

Sucres & Denrées

China CITIC Bank Corporation Limited


Islamic Development Bank


Managing partner Kurmangazy Talzhanov heads the banking, finance and capital department at Integrites. The firm is represented by two offices across Kazakhstan, which are located in Almaty and Astana. Recent work includes advice to international financial institutions on matters involving securities, project finance and the stock exchange market, among other issues.

Practice head(s):

Kurmangazy Talzhanov

Other key lawyers:

Talgat Mustafin


‘Kazakhstan-based banking team is client-oriented and efficient, they offer practical solutions to complicated issues that arise on multijurisdictional transactions.’

‘Kurmangazy Talzhanov, who is the managing partner, is always pleasant to work with and commercially minded.’

‘Talgat Mustafin, an associate in the firm’s Kazakhstani banking practice, is responsive and efficient.’

White & Case Kazakhstan LLP

White & Case Kazakhstan LLP handles strategically important projects for the region in the banking and finance space. Recent work involved advising IFC and EBRD as Kazakhstan counsel on the acquisition of Almaty International Airport, as well as the project financing facility for its expansion. The practice is led by Astana-based Semion Issyk, whose further expertise includes debt and equity capital markets transactions.

Practice head(s):

Semion Issyk

Key clients

Nostrum Oil & Gas plc

Eurasian Digital Ventures I LP

The Ministry of Finance of the Republic of Kazakhstan

RCF Management and Verny Capital


Citibank Kazakhstan JSC

Asian Infrastructure Investment Bank

Citigroup Global Markets

Work highlights

  • Acted for the managers on sovereign welfare fund Samruk Kazyna’s debut offering of $500m notes.
  • Advised AIIB on the proposed loan financing for Zhanatas Wind-Power Station LLP to finance the development, construction, and operation of a 100 MW Zhanatas wind farm in the Zhambyl region in Kazakhstan.
  • Advised IFC and EBRD (as lenders) as local Kazakhstan counsel on the leveraged buy-out of Almaty International Airport, as well as the project financing facility for its expansion. The firm’s role also involved concluding the State Support Agreement between the lenders and the Kazakhstan government.