With consolidation under way, non-performing loans finally showing a downward trend and banks readying for the implementation of Basel III, Kazakhstan’s banking sector finally appears to be in recovery mode after a difficult period.

International sanctions against Russia and uncertainty over commodity prices have had an impact on Kazakhstan and its banking sector. However, the country's central bank governor tells Nick Kochan of his plans to smarten up the country's financial landscape, starting with targeting unacceptably high NPL levels.

Kazakhstan’s sovereign wealth fund is in the process of extricating itself from banks it rescued during the crisis, but poor asset quality is posing a serious challenge to the new owners. 

The recently appointed National Bank of Kazakhstan governor, Kairat Kelimbetov, tells Philip Alexander that he is focused on stepping up the quality of corporate governance in the country's banking sector and financial markets.

Led by innovative deals from development banks, Kazakh bond markets are enjoying a dynamic spell, but pension reform casts uncertainty over the equity markets.

After leading Morgan Stanley’s equities business outside the Americas, John Hyman is working to position Renaissance Capital as a focused player in a number of very different markets across emerging Europe and Africa.

Closer economic integration of countries in the Commonwealth of Independent States has been discussed for many years without practical progress. The launch of a Single Economic Space between Russia, Kazakhstan and Belarus may be about to change that.

A deluge of non-performing loans and deleveraging paint a bleak picture of Kazakhstan’s banking sector. But it is against this backdrop that smaller, second-tier banks, which follow much less aggressive strategies and are therefore in much healthier positions, can excel.

A promotion for the former head of Kazakhstan’s sovereign wealth fund suggests there is momentum behind ambitious privatisation plans in the country that could transform the local capital markets.