As a result, while European bankers were gobbling up banks in eastern and central Europe and the Baltic countries in the 1990s, Kazakhstan was left to fend for itself. ABM AMRO, Citibank and HSBC opened banks here, but limited themselves to working with the top local blue-chips and to managing Eurobond issues, syndicated loans and export agency financings. Today they are steadily losing market share, insofar as they have no presence in the big growth sectors of consumer finance, SMEs, cards and retail.
Change of tune