Kazkommertsbank Introduces JCB Japanese Payment Cards Service

Kazakhstan: Banking System Undermined by Expensive Credit

Kazkommertsbank (Almaty, Bank), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has
provided KASE with a press release to announce that “in the run-up to the World Winter Universiade to be held in Kazakhstan, Kazkommertsbank (Qazkom) and JCB Co. being the largest Japanese payment card issuer and acquirer
introduced the JCB payment card service in Kazakhstan”, reports KazWorld.info with reference to the website KASE.

Kazkommertsbank presented its updated retail brand QAZKOM Oct. 21 to mark its 25th anniversary. Qazkom is one of the largest banks in Kazakhstan and Central Asia. Bank’s shares are listed on Kazakhstan Stock Exchange (KASE). Global depositary receipts, the basic asset of which is the bank’s shares (GDRs) are listed on the London Stock Exchange (LSE).

KKB is controlled by local businessman Kenges Rakishev, a son-in-law of Nazarbayev’s long-time confidant, Deputy Prime Minister Imangali Tasmagambetov. Rakishev gained a foothold in Kazkom in 2014 when it bought BTA Bank, a twice-defaulted nationalized lender. Over the past year he built a 71 percent stake as founder Nurzhan Subkhanberdin reduced his position.