Kazkommertsbank appoints Marc Holtzman as Chairman of its Board of Directors

– KAZAKHSTAN, Almaty – The Board of Directors of Kazkommertsbank has today decided to make changes to its Board of Directors and the Management Board.

Today the Board of Directors of Kazkommertsbank has announced that Mr Marc Holtzman has been elected as a new Chairman of the Board of Directors, having recently joined the Board of Directors as an independent director. The founder of the Bank Mr. Nurzhan Subkhanberdin remains a major shareholder of Kazkommertsbank.

Ms Nina Zhussupova a long time Chairperson of the Management Board and co-founder of the Bank will continue her role in the Board of Directors of an institution. Magzhan Auezov, who has served as Kazkommertsbank’s Managing Director since 2002, has been named the new Chairman of the Management Board.

Commenting on the Board of Directors’ decision, Nurzhan Subkhanberdin said: “I am very pleased that today Kazkommertsbank is the largest financial institution in Kazakhstan and Central Asia. I am grateful to my colleagues on the Board of Directors, as well as all the current and former employees of Kazkommertsbank, for the support I have always felt.”

He wished Mr Holtzman success in his new role on the Board of Directors: “Marc Holtzman has extensive experience working in emerging markets and has been an early pioneer in helping build Kazakhstan’s capital markets for more than 20 years. During the course of his career, he has built valuable knowledge and experience as Vice Chairman of Barclays Capital and ABN AMRO. We expect that Marc will be instrumental in ensuring that Kazkommertsbank’s corporate governance is in line with international best practice.”

The new Chairman of the Board of Directors Marc Holtzman commented: “Nurzhan Subkhanberdin’s name is synonymous with Kazkommertsbank and the emergence of a new generation of young entrepreneurs in independent Kazakhstan. I am deeply honored by his trust and confidence. Through his ambition and belief in his dream, Nurzhan managed to establish and build a successful banking business, and he serves as an excellent example of what one person has touched transformed and improved countless lives. The Bank remains his brainchild and we are looking forward to his continued involvement in the Bank’s activities in his capacity as a honorary Chairman and a major shareholder.

“During my time at Kazkommertsbank, I have been struck by the professionalism and courage of Nina Zhussupova, who has been Chairman of the Management Board for 12 years. I am delighted that she will now focus on the work of the Board of Directors. Her in-depth knowledge of the banking industry will be invaluable in addressing the strategic issues that the Bank will face.

“Continuity and experience were important for us when selecting a new Chairman of the Management Board. Mr Auezov has grown professionally with the Kazkommertsbank team, focusing on the more difficult aspects of the Bank’s work, making him the perfect candidate for the role. The process of merging Kazkommertsbank and BTA was a serious test for him, and he together with his colleagues, has made a valuable contribution to the project helping to ensure that the integration is as smooth as possible.”

The rest of the Bank’s management remains unchanged.

The Board of Directors has simultaneously decided to convene an Extraordinary Meeting of Shareholders in May 2015 to consider electing a new member to the Board of Directors. It is expected that Magzhan Auezov, the new Chairman of Kazkommertsbank’s Management Board, will join the Bank’s Board of Directors.

Kazkommertsbank is Kazakhstan’s largest financial institution with a total market share of 24%.

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