1. BANKING AND FINANCE
Almaty is building up to a future as the financial
hub of Central Asia. Clare Nuttall reports
6abVin
6ÒcVcX^VaXZcigZ
8:CIG6A6H6ÉH7JHC:HHVcYÒcVcX^Va]jW!6abVin!
lVhi]ZÒghiadWVak^Xi^bd[i]ZJHhjWeg^bZXg^h^h!
VhdkZgWdggdlZY@VoV`]WVc`hld`ZjeidVk^gijVaan
dkZgc^]iXjid[[^c[dgZ^c[jcY^c^c6jjhi'%%,#
cgZhedchZ!i]Zn]Vhi^anXjiXgZY^iidi]Z]^i]Zgid
Wddb^cXdchigjXi^dchZXidgVcYXVaaZY^cdi]ZgadVch#
;dgV[jgi]Zg'bdci]h!hjhiV^cZY]^]XdbbdY^in
eg^XZhXjh]^dcZYi]ZWadl#7jil]Zcd^aVcYb^cZgVa
eg^XZhiVc`ZY^ci]ZV[iZgbVi]d[i]ZAZ]bVc
WVc`gjeiXn^ci]ZJH!i]ZbVXgdZXdcdb^Xe^XijgZ
YVg`ZcZYYgVbVi^XVaan^ca^cZl^i]adWVaigZcYh#
=ZVYnk^h^dchd[6abVinÉhgVe^YZbZgZcXZVhV
gZ^dcVaÒcVcX^VaXZcigZ]VYidWZedhiedcZYVh
i]ZdkZgcbZcigZVXiZYWnigVch[Zgg^cegZk^djhan
VXXjbjaViZYhjgeajhd^abdcZn[gdbi]ZCVi^dcVa
;jcYidHVbgj`VcYdi]ZghiViZZci^i^Zh#I]Zeg^dg^in
lVhidgZXVe^iVa^hZWVc`hVcYjcYZge^cVcZXdcdbn
l]^X]eajcZYidadlY^^igdli][gdbi]ZYdjWaZ
Y^^iZmeVch^dcd[i]ZegZk^djhhZkZcnZVgh#
EdhiedcZY!WjicdiVWVcYdcZY#;dgYZhe^iZ
i]ZÒcVcX^Vah]dX`d[i]ZaVhiildnZVghi]Z
[jcYVbZciVahjcYZge^cc^ci]Z@VoV`]ZXdcdbn
gZbV^cVhhigdc!^[cdihigdcZg!i]VcZkZg#L^i]d^a
VcYXdbbdY^ineg^XZhg^h^cVV^c!i]Vc`hbV^can
id8]^cZhZYZbVcY!i]ZkVajZd[^ciZgcVi^dcVaan
igVYZY@VoV`]h]VgZhgdhZ[gdbi]Z^gYZZean
YZegZhhZYaViZ'%%-aZkZah^ci]ZhZXdcYfjVgiZgd[
'%%.#I]Zb^c^chZXidg^ceVgi^XjaVg!l^i]Xdhih
^c@VoV`]iZcZVcYZmedgihVaZh^cJHYdaaVgh!
WZcZÒiZY[gdbi]Z-eZgXZciYZkVajVi^dc
^c;ZWgjVgn#
ci]ZadciZgb!6abVingZbV^chlZaaeaVXZY
idYZkZadeVhVgZ^dcVaÒcVcX^VaXZcigZdcXZ
XdbbdY^ineg^XZhgZXdkZgVcYi]Z@Vh]VVcVcY
di]ZgcZld[[h]dgZÒZaYhhiVgiZcZgVi^cW^aa^dch
d[YdaaVghd[cZlgZkZcjZ^ci]ZhZXdcY]Va[d[i]Z
XjggZciYZXVYZ#
ci]Zh]dgiiZgb!]dlZkZg!i]ZXg^h^h[dgXZY
aVnd[[h[gdbÒcVcX^VaVcYegd[Zhh^dcVahZgk^XZh
XdbeVc^ZhVhi]ZhidX`ZmX]VcZaVcj^h]ZY#7ji
?EBdgVcVcY9ZjihX]ZVgZVbdcVgV[id[WajZ
X]^eÒcVcX^VaXdbeVc^ZhZhiVWa^h]^ci]Z^gegZhZcXZ
VcYh]dl^cXdcÒYZcXZ^ci]Z[jijgZ#Ldg`]Vh
gZhiVgiZYdchdbZd[i]ZcZld[ÒXZh!l]ZgZi]Z
XgVcZh]VkZWZZc^YaZ[dgbdgZi]VcVnZVg!VcY
i]ZgZjaVidgn[gVbZldg`^hWZ^c^begdkZY#
@VoV`]hiVcÉh9E^haVgZgi]Vci]Zdi]Zg[djg
CK:HIC@6O6@=HI6C

2. BANKING AND FINANCE
8ZcigVa6h^VcXdjcig^ZhXdbW^cZY#ihi^aa]Vhi]Z i]ZÈ7^;djgÉÒcVcX^VahZgk^XZhÒgbh!bjai^cVi^dcVa
bdhihde]^hi^XViZYWVc`^cVcYhZXjg^i^ZhbVg`Zi XdgedgVi^dchhjX]VhEgdXiZgVbWaZ!VgV[id[
hnhiZbhd[Vcn8HXdjcignVcY^ha^`ZanidZbZgZ WVc`h!^cXajY^c=H78!8^i^!Jc^8gZY^iVcYHdji]
[gdbi]ZXg^h^hl^hZgVcYbdgZXVji^djh!Wji @dgZVÉh@dd`b^c7Vc`!VhlZaaVhGjhh^VÉhIgd^`V
higdcZgi]VcWZ[dgZ# 9^VadVcYGZcV^hhVcXZ8Ve^iVa!dci]Z^ckZhibZci
B^X]VZa8VgiZg!8:Dd[adXVa^ckZhibZciWVc`K^hdg WVc`^ch^YZ#
8Ve^iVa!higZhhZh]dlgZh^a^ZciVcY^ckZhidg[g^ZcYan L]ZcIgd^`VhZije^c6abVin!^c'%%-!?VbZh
@VoV`]hiVc^hXdbeVgZYiddi]ZgXdjcig^Zh^ci]Z IjgcWjaa!8:Dd[^ckZhibZciWVc`^cVcYadWVa
gZ^dc#ÆI]ZhZVgZkZgnjcXZgiV^ci^bZh!Ç]ZhVnh# bVg`Zih@VoV`]hiVc!X^iZY^ihadXVi^dcÆdcVc
ÆDWk^djhani]ZgZ^hVgZigZcX]^cVbdc^ckZhibZci ^cXgZVh^can^bedgiVciVm^hWZilZZcGjhh^V!i]Z
WVc`hZkZgnl]ZgZ!^cXajY^cVbdci]dhZ^c ;Vg:VhiVcYi]Zja[hiViZhÇVhV`ZngZVhdc[dg
@VoV`]hiVc#LZi]^c`lZXVcWZVhjgk^kdg!VcY i]ZbdkZ#I]^heg^bZadXVi^dcjcYZge^chi]Z
bVnWZZkZci]g^kZ^ci]^hZck^gdcbZci!VcYlZ]deZ Z[[dgihd[i]ZG;86Äi]Z6ZcXn[dgi]ZGZejWa^X
djgXdciZbedgVg^ZhVahdbV`Z^ii]gdj]#Ç d[@VoV`]hiVcdcGZjaVi^dcd[6Xi^k^i^Zhd[i]Z
cVYY^i^dcid]dhi^ci]Z]ZVYfjVgiZghd[Vabdhi GZ^dcVa;^cVcX^Va8ZcigZd[i]Z8^ind[6abVin#Æ6
Vaa@VoV`]WVc`h!^ciZgcVi^dcVaÒgbhine^XVaanX]ddhZ cjbWZgd[XdbeVc^Zh]VkZVagZVYnX]dhZc6abVinVh
6abVinVhi]Z^g8ZcigVa6h^VcWVhZ#I]ZhZ^cXajYZ i]Z^ggZ^dcVa]jWidYZVal^i]8ZcigVa6h^VVcYi]Z
ciZgcVi^dcVaÒgbh
ine^XVaanX]ddhZ
6abVinVhi]Z^g
8ZcigVa6h^VcWVhZ
CK:HIC@6O6@=HI6C

3. BANKING AND FINANCE
Computer-generated images
of future projects around
the Almaty Financial Centre
Source: www.skyscrapercity.com
8Vhe^VcgZ^dch!ÇhVnh8]^c^o@VcVenVcdk!YZejin VcYdi]Zgegd_ZXih^c@VoV`]hiVc^ihZa[!WjiVahd
X]V^gbVcd[i]ZG;86#Æ6abVin^hg^]i^ci]ZXZcigZ
d[i]Z:jgVh^VcXdci^cZci#iiV`Zhi]gZZid[djg
I]Z@VoV`] hdji]ZgcH^WZg^VVcYlZhiZgc8]^cV#
I]ZhjWeg^bZXg^h^h[daadlZYWni]ZXdaaVehZ^c
]djghidÓnidBdhXdl!9jWV^dg7Z^_^c#LZlVciid dkZgcbZci XdbbdY^i^Zheg^XZh]Vhejii]ZWgV`Zhdci]ZhZ
YZkZade6abVinVhi]ZeaVXZidYdWjh^cZhhVcnl]ZgZ VbW^i^dch[dgi]Zi^bZWZ^c#=dlZkZg!i]Z@VoV`]
WZilZZc:jgdeZVcYi]Z;Vg:Vhi#Ç VcYi]Z dkZgcbZciVcYi]ZG;86VgZhi^aaejh]^cV]ZVY
I]ZG;86Éhdg^^cVahigViZnlVhegZY^XViZYdc l^i]gZ[dgbh#
jh^cgdl^cgZkZcjZhÓdl^c^cid@VoV`]hiVc G;86VgZ Ild`Zne^ZXZhd[aZ^haVi^dcZciZgZY[dgXZVii]Z
[gdbi]ZZmedgid[^ihd^a!VhVcYb^cZgVahid
ÒcVcXZZXdcdb^XYZkZadebZci^ccZ^]Wdjg^c
hi^aaejh]^c WZ^cc^cd['%%.#@VoV`]hiVcÉhcZliVmXdYZh]^[ih
i]ZiVmWjgYZc[gdbi]ZXdgedgViZidi]ZcVijgVa
hiViZhVcYVh[VgVlVnVhJ`gV^cZ#GVi]Zgi]Vc
Xdci^cj^cgZa^VcXZdcAdcYdcdgVcdi]ZgÒcVcX^Va
V]ZVYl^i] gZhdjgXZhhZXidg#I]^hXjihi]ZXdgedgViZiVmgViZ
[gdb(%eZgXZciid'%eZgXZci^c'%%.!,#*eZgXZci
XZcigZ!i]ZV^blVhidYZkZadeadXVabZX]Vc^hbh gZ[dgbh ^c'%%VcY*eZgXZci^c'%#L^i]i]ZVYdei^dc
idX]VccZaZmedgigZkZcjZh^cid^c[gVhigjXijgZ d[i]ZAVldchaVb^X;^cVcXZ!@VoV`]hiVcWZXVbZ
CK:HIC@6O6@=HI6C

4. BANKING AND FINANCE
ÆDjghigViZn^hidWj^aY
je6abVinVhi]ZgZ^dcVa
ÒcVcX^Va]jW!VcYeVgid[
i]^hZ[[dgi^hidYZkZadecZl
ÒcVcX^Va^chigjbZcihÇ
i]dj]^cegVXi^XVaiZgbhi]ZgZVgZ[ZlEDhh^cXZ
i]^h^hVidj]ZXdcdbnViegZhZci#Ç
I]ZnZVg'%%-hVlbV_dgX]VcZh!^cXajY^ci]Z
higZVba^c^cd[i]ZZmX]VcZhnhiZbi]gdj]i]Z
bZgZgd[i]ZheZX^VaigVY^cÓddgd[i]ZG;86l^i]
i]Z@6H:!VcYh^bea^ÒZYa^hi^cgjaZh[dghbVaaZg
Xdjcig^Zh#I]ZXdhihd[egdYjX^c;GHXdbea^Vci
VjY^ihVgZcdlgZ^bWjghZY[dgXdbeVc^Zha^hi^cdc
i]Z@6H:[dgi]ZÒghii^bZ#
ÆDjghigViZn^hidWj^aYje6abVinVhi]ZgZ^dcVa
ÒcVcX^Va]jW!VcYeVgid[i]^hZ[[dgi^hidYZkZadecZl
ÒcVcX^Va^chigjbZcih!Ç@VcVenVcdkhVnh#ÆI]ZÒghi
gZVaZhiViZ^ckZhibZciigjhilVhaVjcX]ZY^c'%%-!
daY[jijgZhhiVgiZYigVY^cdci]Z@6H:^caViZ'%%-!
VcYVcZlXdbbdY^i^ZhZmX]VcZÄi]Z:jgVh^Vc
IgVY^cHnhiZbÄ]VhhiVgiZYdeZgVi^dch#Ç
I]Z:jgVh^VcIgVY^cHnhiZb^hV_d^cikZcijgZ
WZilZZcBdhXdlWVhZYGjhh^VcIgVY^cHnhiZbl]^X]
dlch+%eZgXZcid[i]ZZmX]VcZVcYi]ZG;86
l]^X]]daYhi]ZgZbV^c^c)%eZgXZci#6ai]dj]
hZkZgVaXdbbdY^i^ZhZmX]VcZhlZgZaVjcX]ZY^ci]Z
..%h!i]ZnVgZZ^i]ZgYZ[jcXidgWVgZandeZgVi^dcVa#
Æ7ji@VoV`]hiVc^hg^X]^cgV^c!eZigdX]Zb^XVahVcY
Vaahdgihd[XdbbdY^i^Zh!ÇZmeaV^ch@VcVenVcdk#ÆH^cXZ
@VoV`]hiVc^hVbdci]ZideiZcgV^cegdYjXZgh!
lZYZX^YZYidhiVgil^i]Vg^XjaijgVaegdYjXih!VcY
gVYjVaan^cXgZVhZi]ZegdYjXigVcZ#Ç
6ai]dj]i]ZZmX]VcZlVhaVjcX]ZYViVed^ci
l]ZcXdbbdY^i^Zheg^XZh]VYeajcZY[gdbi]Z^g
egZk^djh]Z^]ih!@VcVenVcdkWZa^ZkZhi]ZV^b^ci]Z
adcZgiZgb^hidXgZViZVcZmX]VcZi]Vil^aahZgkZ
cdi_jhi@VoV`]hiVc!Wjii]Zl^YZggZ^dcdcXZeg^XZh
e^X`je#ÆLZZkZcijVaanlVciid]VkZegdYjXZgh[gdb
@VoV`]hiVc!8ZcigVa6h^V!H^WZg^VVcYi]ZZci^gZ
gZ^dcÄVcnl]ZgZWZilZZc:VhiZgc:jgdeZVcYi]Z
;Vg:Vhi#Ç6c6abVingVi^cVZcXnlVhhZijeWni]Z
G;86^c'%%-!l^i]BVaVnh^VÉhG:B=daY^c!l]^X]
]daYhV%eZgXZcihiV`Z!Vh^ihhigViZ^XeVgicZg#I]Z
VZcXnegdk^YZhX]ZVeZghZgk^XZhi]Vci]ZW^i]gZZ
i]ZÒghi8HXdjcignid^cigdYjXZVaZVa[gVbZldg` ^ciZgcVi^dcVaVZcX^Zh!VcY^ihegdYjXihVgZiV^adgZY
[dghaVb^XÒcVcX^Va^chigjbZcih!WVc`hVcY idi]Z@VoV`]bVg`Zi#
^ckZhibZci[jcYh# 6abVinÉh[jijgZVhi]ZÒcVcX^VaXZcigZd[i]Z8ZcigVa
=deZhi]Vii]ZYgn^cjed[WVc`XgZY^iid 6h^VcgZ^dcVahdYZeZcYhdcÈhd[iÉ[VXidghgZaViZYidi]Z
XdgedgViZhldjaY[dgXZXdbeVc^Zh^chZVgX]d[ fjVa^inVcYZVhZd[a^k^c^ci]ZX^in!VheZXihi]Vii]Z
[jcYhidijgcidi]ZhidX`ZmX]VcZ]VkZcdinZi G;86VcYi]ZX^inVji]dg^i^ZhVgZldg`^cidVYYgZhh#
WZZcgZVa^hZY#H^cXZi]ZhZXdcYlVkZd[i]ZXg^h^h! ÆLZVgZadd`^cViVaaVheZXihd[Wjh^cZhha^[ZÄcdi
^caViZ'%%-!a^fj^Y^inÄVagZVYnVc^hhjZ[dgbdhi _jhiaZ^haVi^dcVcYiVmgjaZh!WjiVahd^c[gVhigjXijgZ!
adXVaana^hiZYXdbeVc^ZhÄ]VhYg^ZYje[jgi]Zg# d[ÒXZheVXZVcY[VX^a^i^ZhhjX]VhV^gedgih!hX]ddahVcY
K^hdg8Ve^iVaÉhB^X]VZa8VgiZghVnh/ÆI]ZG;86 bZY^X^cZ!ÇhVnh@VcVenVcdk#I]ZgZhjbei^dcd[gVe^Y
]VhcdiX]VcZY^ihb^hh^dc#i^hign^cidbV`Z 9Egdli]^ha^c`ZYidXdbbdY^ineg^XZhVcYdi]Zg
XdcY^i^dchg^]ihdi]Vil]Zci]ZbVg`ZiYdZh ZmiZgcVa[VXidgh#ci]ZbZVci^bZ!i]Z[djcYVi^dch
gZijgc!i]^chVgZ^ceaVXZ#HigjXijgVagZ[dgbhVii]Z VgZWZ^caV^YidbV`Zi]ZXdjcignbdgZdeZcid
@6H:P@VoV`]hiVcHidX`:mX]VcZRVgZd^cV]ZVY! ^ckZhibZcil]ZcbVg`ZihgZk^kZ#
CK:HIC@6O6@=HI6C