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Qatari Islamic bank buys Kazakhstan’s Bereke Bank

By Pramod Kumar
Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year Unsplash.com/Nick Pampoukidis
Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year

Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million).

The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals.

Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of 2024, up 30.1 percent year over year.

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Total assets under management increased to QAR6.4 billion, an 11 percent increase year on year.

During this period, the bank completed the acquisition of Alta Federal Hill, a multifamily residential building in Maryland, US. Additionally, it participated in the “Project Algebra” transaction, securing a stake in a portfolio comprising 36 premium private schools in the UK and Western Europe.

“Throughout the first quarter, we have closed several investment deals,” said bank CEO Mohammed Ismail Al Emadi. 

The bank is collaborating closely with business partners and leveraging its extensive global network to target potential growth opportunities, he added.

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