Otbasy Bank to Expand into Uzbekistan and Malaysia Markets

Otbasy Bank, the primary financial institution in Kazakhstan's housing market, has entered the most significant transformative phase in its history. The bank plans to fundamentally change its image and geographical presence, aiming to become a "creditor of specialized products." Bloomberg reported these strategic moves, citing Timur Onzhanov, Deputy Chairman of the Board of the "Baiterek" National Management Holding.

Under the new strategy, the bank will venture beyond its traditional mortgage focus to occupy new niches in the financial market. Specifically, Islamic financing mechanisms and leasing programs will be introduced to the bank's portfolio.
These steps are designed to make the bank competitive not only in the domestic market but also in Uzbekistan, Malaysia, and the Middle East. Furthermore, the leadership of the "Baiterek" holding is considering the possibility of an Initial Public Offering (IPO) for its housing division.

As Timur Onzhanov explained, these changes are part of a broader plan to comprehensively transform the "Baiterek" holding. The state operator will no longer limit itself to distributing subsidies and financial instruments; it will now participate directly in:

• Deep project analysis;
• Financial auditing;
• Deal structuring.

"The entire process - from project search and initiation to financing—will be carried out within the holding," Onzhanov emphasized.

The bank's bold international steps are backed by stable financial performance. According to the latest data, deposits in Kazakhstan's banking sector grew by 2.1 trillion tenge in December 2025.

Otbasy Bank showed the best results among large financial institutions in terms of deposit growth rates. Personal deposits at the bank grew by 12% in a single month, placing it among the top three in the country in absolute terms. This indicator confirms high public trust in the bank and ensures sufficient capital to launch new international projects.