Since the entry of the foreign bank UniCredit Group in the Kazakh banking sector in 2007 through the acquisition of Kazakhstans sixth-largest lender ATF Bank, the countrys banking sector and the economy underwent dramatic changes, Gazeta.ru reported. ATF CEO Alexander Picker said that despite the steep falls in prices for oil, wheat and other commodities since mid-2008 crisis, the fundamental situation in Kazakhstan is extremely positive. "In general, we see things positively. At ATF we want to grow, even if its at a limited pace. And we will be expanding - cautiously," Picker says.

Kazakhstan is also one of the few countries where, according to forecasts by the International Monetary Fund (IMF), the current account will swing from negative to positive in the next five years. GDP growth for the period 2007-13 is projected at 133 percent. Picker said this big in Kazakhstan even if 2009 is a rough year. Picker considers that the Kazakh government has been an important factor in getting Kazakhstan into the present position. He points out that while during the Soviet era Uzbekistan was the "top country" in Central Asia, Kazakhstan was neither well known nor very well regarded. Now Kazakhstans GDP per capita is several times that of Uzbekistan.

In 2007 the government adopted bold steps to support the economy amid the first wave of the crisis. "Sub-prime put Kazakhstans banking system and real estate sector into a deep crisis in the third quarter of 2007. The government was initially slow to react. However, everyone had time to adjust before the breakdown of Lehman, which led to a deepening of the financial crisis worldwide." One consequence of the government programme is a fundamental change in the ownership structure of the banking sector. "The competitive landscape has been changed dramatically. The six largest banks make up more than 86 percent of the market. Until recently, they were all privately owned. Now, all of a sudden, we have four banks with a strong state participation. I have received clear indications from the government that there would be no discrimination, but even without that, the landscape changed, to an extent that has to be seen."