Kazakhstan and Hungary Strengthen Financial Cooperation: Prospects for Banking Integration

Budapest, November 2024 — A delegation from the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (ARDFM) and the National Bank of Kazakhstan (NBK) has completed an official visit to Hungary. This visit marked an important step toward enhancing bilateral cooperation in the banking and financial sectors.

During the visit, the Kazakh delegation participated in the "Budapest Eurasia Forum 2024" conference organized by the Hungarian National Bank (HNB). Chairperson of ARDFM, Madina Abylkassymova, delivered a keynote speech at the plenary session, presenting Kazakhstan's vision for financial system transformation. She highlighted the importance of digitalization, sustainable growth, and liberalization of the banking sector as key steps toward attracting foreign investors. Her speech generated significant interest among forum participants.

Additionally, the delegation held meetings with the leadership of the Hungarian National Bank and key representatives of Hungary's leading commercial banks, MBH Bank and OTP Bank. Discussions focused on financial institution supervision, the adoption of digital technologies, and the expansion of international cooperation. MBH Bank expressed interest in expanding its operations in Kazakhstan, including opening branches. OTP Bank, in turn, noted a strategic interest in acquiring one of Kazakhstan’s top five largest banks, which would represent a significant milestone in its international expansion.

“The visit of the ARDFM and NBK delegations to Hungary demonstrated the high level of interest from Hungarian financial institutions in cooperating with Kazakhstan. We see great potential for strengthening bilateral ties and are ready to create all the necessary conditions for the successful implementation of joint projects,” noted Abzal Saparbekuly, Ambassador Extraordinary and Plenipotentiary of Kazakhstan to Hungary.

This visit became an important milestone in developing bilateral cooperation and opened new opportunities for interaction in the banking and financial sectors. The Kazakh side proposed organizing a return visit for Hungarian banks’ representatives to familiarize themselves with the local market and continue negotiations.