Kazakhstan bank turns to Hong Kong as gateway to offshore renminbi finance

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Kazakhstan's Altyn Bank, backed by China Citic Bank, aims to utilize Hong Kong’s offshore renminbi market to develop new financing channels. The bank is exploring issuing dim sum bonds in Hong Kong to expand financial cooperation and investment opportunities.

A Kazakhstan-based commercial bank backed by China Citic Bank is seeking to collaborate with Hong Kong financial institutions and investors to develop new financing channels for the Central Asian country through the city’s thriving offshore renminbi market. Murat Baisynov, chairman of Altyn Bank, told the South China Morning Post that three clients of the Almaty-headquartered lender were currently exploring the issuance of dim sum bonds in Hong Kong, a trend he expected to continue. “Hong Kong...