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In page Kazakhstan:

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The banking industry of Kazakhstan went through a boom-and-bust cycle in the early 21st century. After several years of rapid expansion in the mid-2000s, the banking industry collapsed in 2008. Several large banking groups, including BTA Bank J.S.C. and Alliance Bank, defaulted soon thereafter. The industry shrank and was restructured, with system-wide loans dropping from 59 percent of GDP in 2007 to 39 percent in 2011. The Kazakh National Bank introduced deposit insurance in a campaign to strengthen the banking sector. Several major foreign banks had branches in Kazakhstan, including RBS, Citibank, and HSBC. Kookmin and UniCredit both entered Kazakhstan's financial services market through acquisitions and stake-building.[citation needed]