Changes in the Management Board of BTA Bank25.02.2014
Almaty, February 25, 2014 - The Board of Directors of BTA Bank JSC (further - "The Bank") made a resolution to terminate an appointment of Mr. Kadyrzhan Damitov, as a Chairman of the Management Board of BTA Bank JSC since February 26, 2014 and designate Mr. Magzhan Auezov as a new Chaiman.
This resolution was taken as part of the sale of the Bank's shares by its major shareholder - "SWF Samruk-Kazyna" JSC - to the consortium of investors represented by Kazkommertsbank JSC and Kazakhstan businessman - Mr. Kenes Rakishev.
Mr. K. Damitov has made a significant contribution to the sustainable development of BTA Bank JSC during the negotiations of Samruk-Kazyna with potential strategic investors for the preparation of the transaction in accordance with international standards. Mr. Kadyrzhan Damitov will continue to work as a member of the Board of Directors of BTA Bank JSC - representative of SWF "Samruk-Kazyna" JSC and will focus on the most difficult and strategically important areas of the financial institution.
Mr. Kenes Rakishev, the Chairman of the Board of Directors, has commented on the changes:
«Mr. Magzhan Auezov is one of the most effective managers in the banking sector. The Board of Directors of the Bank believes that his experience in the largest Kazakhstani Bank will bring effective management to BTA Bank as well as the relevant tasks' solution in the context of ongoing transaction».
Mr. M. Auezov, the new Chairman of the Bank's Management Board will remain a member of Kazkommertsbank's Management Board where he will lead the process of integration with the BTA Bank.
In connection with the changes carried out today in the Management Board of BTA Bank, Nina Zhussupova, a member of the Board of Directors, noted:
«We are satisfied with this appointment: the BTA's Management Board in a short time will have to create practicable and effective mechanisms of interaction between two banks prior to the potential merger. It is important to ensure stable operation of the Bank in the interest of BTA's customers».