After two expected mergers failed, Kazakhstan's banking sector remains profoundly unbalanced, with the Halyk-Qazkom tandem as a hegemon.

After lengthy negotiations, Halyk Bank bought out Qazkom, partially helped by the government's decision to shoulder some of Qazkom's toxic assets.

Aftershocks of the crisis continue to rock the country's financial sector after a buyout and rumors of another merger.

With a major merger pending, Kazakh banks are rapidly restructuring, getting ready for tougher competition.

The country's two largest banks -- Halyk Bank and Qazkom -- could merge next year