GRATA International's Banking & Finance Group is a leading legal counsel in the area of capital markets, project finance and infrastructure projects development, and financial transactions in Central Asia and in Kazakhstan in particular.

GRATA's rapidly growing Banking & Finance Group currently comprises over 10 local lawyers, almost all with second law degrees from the UK, USA, or other leading western universities. The majority are based in Kazakhstan (Almaty) with others based in our Azerbaijan (Baku), Kyrgyzstan (Bishkek), Russia (Moscow) and  Uzbekistan (Tashkent).

Our aim is to become a leading finance practice in the legal market of Central Asia. This means that GRATA's Banking & Finance Group aims to set the standard for legal support in capital markets, and in general for the finance sector, to monitor the needs of our clients online and to provide them with individualized legal solutions in order to help them carve out a leading market niche.

The ability to provide legal services at the best value and our understanding of the local cultures of Central Asia are some of our strengths.

We are proud that our clients, some of the largest local and international banks and companies from different industry sectors, have trusted GRATA’s knowledge and expertise for more than 20 years now.

GRATA's Banking & Finance Department has established effective cooperation with financial regulators across Central Asia and the Caucasus and with local and international stock exchanges, investment banks, international law firms, and consultants. This allows us to provide our clients with best-in-class solutions for their needs.

Our services:

  • Aircraft, Maritime and Railcar Finance & Leasing;
  • Bank and Corporate Lending;
  • Banking & Insurance Disputes;
  • Bond Offerings;
  • Derivatives;
  • Financial Services Regulation;
  • Foreign Direct Investments;
  • Mergers & Acquisitions;
  • Debt Restructuring & Insolvency;
  • Initial and Secondary Public Offerings;
  • Insurance;
  • Islamic Finance;
  • Project Finance & PPP;
  • Securitization



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Listed, Chambers Asia-Pacific: Asia-Pacific's Leading Lawyers for Business (2013, 2014,2015)
Listed, Chambers Global: Leading Lawyers for Business (2013, 2014, 2015)

Below we list some of the recent projects handled by our Banking & Finance lawyers:

advising Bank of China (Hong Kong) Limited on a USD 7.5 billion syndicated secured loan facility to Asia Gas Pipeline LLP to finance a gas pipeline project in Kazakhstan;

advised European Bank for Reconstruction and Development on  USD 15 million financing of two Kazakh gold-mining companies wishing to acquire new mining machinery;

advising China Development Bank on a USD 1.8 billion syndicated secured loan facility to Beineu - Shymkent Gas Pipeline LLP (controlled 50-50 by KazTransGas and CNPC) to finance a gas pipeline project in Kazakhstan;

advising China Development Bank on a USD 4.7 billion syndicated secured loan facility to Asia Gas Pipeline LLP to finance a gas pipeline project in Kazakhstan;

advised RBS and Sberbank CIB as Arrangers and Dealers on the USD 500 million drawdown under USD 680 million Global Medium Term Note Programme of JSC Samruk-Energo;

advised BNP Paribas, Citigroup Global Markets Limited, HSBC Bank, VTB Capital as Managers on USD 3,5 billion Euro Medium Term Note Programme of Eurasian Development Bank;

advised Sberbank, the largest Russian bank, on its USD 2 billion debt facility to Eurasian Natural Resources Corporation plc, secured by guarantees issued by Kazakh subsidiaries of ENRC;

advised US Export-Import Bank on secured loan to Lokomotiv JSC, a subsidiary of Kazakh national rail company, to renew locomotives park;

advised BNP Paribas on a secured USD 100 million syndicated facility to Eastcomtrans LLP, a large Kazakh transport company, to purchase rolling stock;

advised Samsung C&T and KEPCO on their investments in the Balkhash Power Plant (debut Independent Power Producer project in Kazakhstan with total value USD 4 bn.) where GRATA, among other things, drafted and negotiated with the Government of Kazakhstan an unprecedented international treaty between Kazakhstan and South Korea (signed in 2011);

advised EuroChem, Russia’s largest mineral fertilizer producer, on its investment in the Chemical Producing Plant in South Kazakhstan (USD 2 bn. total value infrastructure project) where GRATA, among other things, drafted and negotiated with the Government of Kazakhstan unprecedented host government agreement between the Republic of Kazakhstan and a foreign investor (signed in January 2012);

advised Credit Suisse, UBS Investment Bank and Visor Capital as Joint Global Coordinators and Joint Bookrunners, Renaissance Capital as Joint Bookrunner and Halyk Finance as Co-Manager on the public offering of JSC KCell, the largest cellular service provider in Kazakhstan, including on the listing of GDRs on LSE and shares on Kazakh stock exchange;

advised International Finance Corporation on its investment on USD 25 million in the Eurasia Real Estate Development Company (Eurasia RED) to build a premium-class retail center in Almaty;

advising Astana Finance, a large Kazakh financial services company, on USD 2 billion debt restructuring.

Name Position Contacts
Shaimerden Chikanayev Partner, Director of Banking & Finance Department Inquire
Marina Kahiani Partner Inquire
Nurlan Kyshtobaev Partner, Head of Banking & Finance Practice in Kyrgyzstan and Tajikistan offices Inquire
Atabek Sharipov Partner, Head of Turkmenistan Practice, Head of Banking & Secured Transactions in Uzbekistan and Turkmenistan Inquire
Yana Dianova Director of Corporate and Commercial Law Department, GRATA International (Moscow) Inquire
Andrew Gamble Senior Counsel, Representative in London Inquire
Mirzaaziz Ruziev Senior Associate Inquire
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Legal Alert On Kazakhstan Banks M&A

Under Kazakhstan law, generally, both resident and non-resident legal entities may own shares in a Kazakhstan bank.


Brief summary of the major novelties of the draft PPP law in Kazakhstan

A draft Law of Kazakhstan ‘On Public-Private Partnership’ has been prepared as per initiative of the Ministry of Economy and Budget Planning of Kazakhstan.


GRATA Law Firm is recommended as one of the leading law firms by Chambers Asia-Pacific

Chambers Asia Pacific has published the world’s leading guides to the legal profession across the globe since 1990.


Investing in Kazakhstan's power industry

There are currently eight large power plants of national importance in Kazakhstan: four thermal power plants and four hydropower plants.


Overview of certain changes to Russian legislation in march 2014

The Federal Law dated 12 March 2014 № 35-FZ introduces amendments to the provisions of the Parts 1, 2 and 4 of the Civil Code of the Russian and other regulatory acts of the Russian Federation regarding the rights to results of intellectual activity and means of individualization.


Attracting private investment to develop Kazakhstan's infrastructure: a lawyer's perspective

It is striking that the small population of Kazakhstan, while living on rich deposits of oil, gas, coal, grain and other resources, still drives on rough roads, drinks water from rusty pipes, and receives electricity from dilapidated electrical networks built decades ago.


Overview Of Certain Changes To Russian Laws And Prosed Laws In February 2014

"On Amending Article 22 of the Federal Law On Banks and Banking Activity and Article 1 of the Federal Law on Foreign Investments in the Russian Federation"


Financing under a pledge of rolling stock

In Kazakhstan, funding secured by rolling stock is gaining popularity. Moreover, rail cars are provided by some companies as security for bonds issued by them.


Financing by Pledges of Grain

The introduction of grain receipts and the creation of such a system is, objectively speaking, of fundamental importance to the grain market of Kazakhstan, in view of both public and commercial interests.


Project Finance and PPP in Kazakhstan

The article is prepared by Shaimerden Chikanayev, Partner of GRATA Law Firm, for The European Lawyer Reference Series: Project Finance Jurisdictional Comparisons, 2012.


A Brief Overview of Litigation Risks Which May Arise in the Course of Doing Business in Kazakhstan and the Ways to Mitigate Them

Our experience with foreign investors doing business in Kazakhstan demonstrates that foreign businesses operating in Kazakhstan may face a variety legal challenges and risks.


Article on Kazakhstan capital market developments

This article examines recently adopted and proposed regulatory and legislative changes related to the development of local equity and debt capital markets in Kazakhstan and makes recommendations for future reforms.


Kazakhstan has adopted a new Law on Special Economic Zones

We would like to draw your attention to the recent changes in Kazakh legislation in connection with the adoption of the new Law on Special Economic Zones.


Developments in Financial Legislation in Kazakhstan

Two main laws have been developed (one of which has already come into effect, while the other is yet to be passed).


Determination of terms in M&A transactions

What does Mergers and Acquisitions Mean


"February Legal Developments in the Caspian Region". Interview with Arlan Yerzhanov, Representative of GRATA Law Firm in the United States, for Caspian Business Journal (Part II)

In December, I sat down with Arlan Yerzhanov, a Partner and the Representative in the United States for GRATA Law Firm.


Contracting for Debt Restructuring: Main Issues and Solutions

Presentation of GRATA International Partner, Shaimerden Chikanayev

GRATA International took part at the Bonds, Loans & Derivatives Russia & CIS 2018 event

The event that was held on February 27th, in Moscow (Russia) attracted 456 senior level decision makers, who came together to discuss the opportunities in the Russian & CIS capital markets industry. 

Corporate Recovery & Insolvency 2016: Kazakhstan

The International Comparative Legal Guide : Corporate Recovery & Insolvency 2016, 10th edition. A practical cross-border insight into corporate recovery and insolvency work.

Corporate governance 2016: Kazakhstan

Under Kazakh law, all legal entities fall into two categories, depending on whether or not the acquisition of profit is the main purpose of their activity: commercial organisations; and noncommercial (non-profit) organisations. 

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Key contacts

Shaimerden Chikanayev

Partner, Director of Banking & Finance Department


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