Management changes occur in Kazakh Kazkommertsbank

March 1. Trend

E. Kosolapova

Management changes occur in Kazakh KazkommertsbankKazakh Kazkommertsbank’s managing director Erik Balapanov left the Bank’s Board of Directors on his own volition on Feb. 24, Kazinform reported referring to the Bank.

Following the withdrawal from the Bank’s board, Balapanov was dismissed from the posts of the Chairman of the Board of some Bank’s subsidiaries.

Kazkommertsbank is one of the largest banks in Kazakhstan and the Central Asia. The Bank has subsidiaries engaged in pension system, management of pension and financial assets, insurance and broker services.

The Bank also has subsidiaries in Russia, Tajikistan and Kyrgyzstan. The Bank’s major shareholders are JSC “Central Asian Investment Company”, head of the Board of Directors Nurzhan Subkhanberdin, JSC “Alnair Capital Holding”, Kazakh National Welfare Fund “Samruk-Kazyna” fund, European Bank for Reconstruction and Development.

The bank’s shares are listed on JSC “Kazakhstan Stock Exchange” (KASE). Global depository receipts, which basic asset is the bank’s shares (GDRs), are listed on the London Stock Exchange.