Kazkommertsbank announces changes in Board of Directors

/KASE, May 5, 15/ – Kazkommertsbank JSC (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release: quote Nurzhan Subkhanberdin withdrew from the Board of Directors, effective from May 4, 2015. The Extraordinary General Meeting of shareholders (“EGM”) of Kazkommertsbank JSC today elected Magzhan Auezov as a new member of the Board Chief – Executive Officer of the Bank representing the interests of shareholders. The shareholders expressed their gratitude to Mr. Subkhanberdin as the founder and major shareholder of the Bank, for his personal contribution to establishment and development of the country's largest financial institution. Mr. Subkhanberdin has led the Bank since its inception in 1991, from 2002 he was a member of the Board of Directors and from 2003 to 2015 he was a Chairman of the Board of Directors. "I have personally known Nurzhan for over 20 years, and I am delighted that we will continue to work with him in his capacity as the Bank’s major shareholder. We believe that his wealth of experience and longstanding ties with customers, partners and employees will provide us with invaluable support", – said Mr. Holtzman, Chairman of the Board of Directors Magzhan Auezov, the newly elected member of the Board of Directors thanked shareholders for their trust: "Together with our management team and employees, we will continue working towards the successful integration of BTA Bank, as well as strengthening KKB’s position as a trusted provider of financial services." Mr. Magzhan Auezov has been a member of the Management Board of Kazkommersbank JSC effective form 2002, from 1998 to 2002; he headed the Credit Division at ABN AMRO Bank in Kazakhstan. Mr. Auezov holds a Masters in International Banking and Finance from Columbia University, a Bachelor’s degree in International Economics from Georgetown University and a Diploma in International Affairs from the Kazakh State National University. He is also a graduate of ABN AMRO Academy (Amsterdam) and the Executive Development Programme at Wharton School of Business, University of Pennsylvania (Philadelphia). As a managing director of Kazkommertsbank JSC he oversaw its integration with BTA Bank JSC while heading BTA Bank JSC from February 2014 to March 2015. On April 1, 2015 he was elected as Chairman of the Management Board of Kazkommertsbank JSC. Among other issues, the shareholders established the remuneration to individual members of the Board of Directors of the bank. unquote [2015-05-05]