Bulat Utemuratov

Bulat Utemuratov: Career Highlights

Utemuratov's career took off after Kazakhstan gained independence in 1991. President Nursultan Nazarbayev selected him to find economic opportunities for the country. Utemuratov played a crucial role in brokering Kazakhstan's first line of credit with Bank Creditanstalt and became the first deputy minister for external economic affairs upon his return to Kazakhstan.

In 1995, Utemuratov co-founded Almaty Trade and Finance (ATF) Bank and became its controlling shareholder by 2007. He sold ATF Bank to the Italian UniCredit group for $2.3 billion in 2007, marking the largest transaction in the Central Independent States banking sector at the time.

Utemuratov held various government positions throughout his career, including secretary of the security council (2003-2006) and head of the presidential property management directorate (2006-2008). He also served as an "adviser to the president" and special representative to Kyrgyzstan from 2008 to 2013.

Utemuratov is a prominent businessman with diverse interests. He established Kassa Nova, the first microcredit bank in Kazakhstan, after the 2009 crisis. He acquired Freedom Holding Corp for approximately $41 million in 2020 and created ForteBank after acquiring shares in Temirbank and Alliance Bank from Samruk-Kazyna SWF in 2014.

Utemuratov is a key investor in projects managed by Verny Capital investment group, including telecommunications operators KarTel in Kazakhstan and SkyMobile in Kyrgyzstan (operating under the Beeline brand). He is also the majority shareholder in gold mining company RG Gold and owns the Burger King franchise in Kazakhstan, along with holdings in the hotel sector.

Utemuratov served as ambassador to Switzerland from 1996 to 1999, representing Kazakhstan on the international stage.