Clifford Chance

Clifford Chance advises China CITIC Bank on acquisition of majority stake in Kazakh bank, a One Belt One Road deal

Leading international law firm Clifford Chance advised China CITIC Bank Corporation Limited, who along with co-investor China Shuangwei Investment Co., Ltd., acquired an aggregate of 60% stake in JSC "Altyn Bank" from JSC "Halyk Bank", a leading financial services group in the Republic of Kazakhstan. The One Belt One Road transaction was signed on 7 June 2017 during President of China Xi Jinping's state visit to Kazakhstan celebrating the 25th anniversary of the establishment of diplomatic relations between the two countries. The deal is expected to complete during the second half of 2017, subject to obtaining regulatory approvals.

China Co-Managing Partner Terence Foo led the deal and was supported by counsel Yufei Liao and associates Stacey Shen and Iris Liu.

Terence said, "We are delighted to represent China CITIC Bank on this investment in Kazakhstan as part of the One Belt One Road initiative. We are pleased to leverage our experience in advising on the unique risks and opportunities that arise on One Belt One Road investments in Central Asia and elsewhere."

The Firm has advised on a number of landmark One Belt One Road deals including advising on State Grid's joint venture with Rossetti, Russia's largest power grid company; China Mobile's investment in True Corporation in Thailand; a syndicate of Chinese banks on financing for power projects in Jordan; and ICBC on the establishment of a Central and Eastern European focused investment fund targeting €10 billion.