Аңдатпа
The article examines the theoretical and practical aspects of mergers and acquisitions (M&A) in the financial sector of the Republic of Kazakhstan under the conditions of structural transformation and digitalization. The purpose of the study is to identify the key features, motives, and consequences of bank consolidation and to assess the synergistic effect of integration deals using the discounted cash flow (DCF) method. The methodological framework combines systemic, comparative-statistical, and financial-economic approaches, ensuring a comprehensive evaluation of M&A processes. The empirical base includes data from the National Bank of Kazakhstan, the Agency for Regulation and Development of the Financial Market, the Kazakhstan Stock Exchange, and international institutions such as the BIS and the World Bank. The analysis shows that consolidation processes strengthen bank capitalization and resilience but are accompanied by risks of monopolization and limited transparency. Using the examples of the Halyk Bank–Kazkommertsbank, Bank CenterCredit–Eco Center Bank, and Kaspi.kz–Hepsiburada deals, it was found that a positive synergistic effect manifests primarily in the medium term. The scientific novelty of the study lies in the application of the DCF model for assessing M&A synergy in an emerging financial market and in the institutional interpretation of consolidation mechanisms. The practical significance lies in the potential use of the results to improve the regulatory framework and strategic planning within Kazakhstan’s banking sector.