Norton Rose Fulbright advises Halyk Bank on its US$475 million secondary public offering

Global law firm Norton Rose Fulbright has advised JSC Halyk Bank (Halyk Bank) and its shareholder, JSC Holding Group ALMEX (ALMEX), on the international offering of global depositary receipts (GDRs) of Halyk Bank by ALMEX.

The offering was carried out on a fully marketed basis and, together with a concurrent domestic offering of common shares and GDRs, raised gross proceeds of c.US$475 million for ALMEX.

The GDRs are listed on the LSE and AIX, with the common shares listed on AIX and KASE. J.P. Morgan Securities plc, Citigroup Global Markets Limited and JSC Halyk Finance acted as Joint Global Coordinators in relation to the offering.

Halyk Bank is the largest financial group in Kazakhstan, holding a leading market position in all key banking performance indicators – assets, loans, deposits and net income. The Group is also a leading provider of general and life insurance services, respectively, in the country. 

The cross-border Norton Rose Fulbright team was led by capital markets partner Jeremy Grant (Paris), assisted by US securities partner Nikolai Mikhailov, counsel Alex Green and associate Katherine MacPhail (London). The team also included corporate partners Fiona Millington and Thomas Vita (London); associates Sonya Hrytsyuk (Paris) and Thea Messina (London); and trainee Tina Wu (London).

Jeremy Grant said:

“We congratulate Halyk Bank and ALMEX on their successful secondary public offering, which marks an important milestone for the bank. We are delighted to have supported them on this transaction, which showcases Norton Rose Fulbright’s capabilities in cross-border capital markets deals and international equity offerings.”

Norton Rose Fulbright’s team of securities lawyers covers the full range of equity and debt capital markets matters, from domestic and international equity offerings and multiple listings for large multinationals, to investment grade and high-yield debt transactions for sovereigns, banks, export credit agencies, multilaterals, institutional investors and international companies, as well as securitization and derivatives.