Shifts in Board of Directors of Bank TuranAlem and TemirBank20.12.2006 / Press-service
Three executives from BTA and two independent directors have joined the Board of Directors of Temirbank. Murat Yuldashev has been appointed the Chairman. Electing new Board of Directors has been due to the shifts in the shareholder’s structure. The membership of Temirbank Management Board has been reduced from 5 to 3 members, and Ablakhat Kebirov chairs the Board.
Yerkin Tatishev has entered the BTA Board of Directors, and Zhaksylyk Zharimbet and Murat Yuldashev have become the members of the Bank TuranAlem Management Board. Today at the joint press conference the Chairman of the Board of JSC Bank TuranAlem Saduakas Mameshtegi and the Chairman of the Board of Directors of JSC TemirBank Murat Yuldashev have announced that JSC Temirbank has consociated JSC Bank TuranAlem as a result of acquisition of Temirbank controlling block of shares by JSC Bank TuranAlem.
The Agency of Kazakhstan on Regulation and Supervision of the Financial Organizations and Financial Market and the Committee on Competition Protection of the Ministry of Industry and Trade have approved acquisition of 52.19% majority stock. All formalities of the transaction have been finalized. The purpose of acquisition is to increase BTA Group share in retail banking.
"The core of the new team of Temirbank will include the employees working in Temirbank for a long time and having great experience in banking business. In future, it is planned to increase its personnel as new trends in the bank’s activities will be developed and additional offices will be opened. Dynamic development of Kazakhstani economy challenges to develop new banking services. I believe, - said Saduakas Mameshtegi, the Chairman of the Bank TuranAlem Board, - coming of new shareholders to Temirbank will enable the Bank to extend the scope of services and improve their quality since it is very important for our entrepreneurship including small and medium business. The improvement of the quality of the services will allow the Bank to attract new customers including both natural persons and legal entities. Our priority tasks will be creating common system of strategic and running management, mitigation of system risks, increase of transparency and international rating of BTA Group respectively, - he explained.
Acquisition of the majority voting stock from the current shareholders of JSC Temirbank up to the end of 2006 was scheduled within the framework of the new BTA strategy approved at September session of the Bank’s Board of Directors. The Bank’s strategic goals for 2006-2015 period include consolidation of the Bank’s assets and its increase to $50 billion up to 2015 as well as coming to the leading positions at Kazakhstan and CIS markets in the segments of retail banking, small and medium business financing, corporate services with subsequent absorption of its shares in Kazakhstan – minimum 25%, in Russia – minimum 2%, in other countries of its presence – minimum 5%.