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Wednesday, July 18, 2018

Kazkommertsbank announces management board changes

Kazkommertsbank, one of the largest banks in Kazakhstan and Central Asia, recently announced changes to the management board following the voluntary resignation of Managing Director Denis Fedosenko, effective Dec. 28.

Kazkommertsbank has total assets of $17.1 billion. In addition to its core retail and corporate banking business, KKB has subsidiaries that are active in pension fund management, asset management, insurance and brokerage. KKB also has foreign subsidiaries in the Russian Federation, Kyrgyzstan and Tajikistan.

Major shareholders include Central Asian Investment Company, Alnair Capital Holding, and the Kazakh Government through the Samruk-Kazyna National Welfare Fund and the European Bank for Reconstruction and Development.

KKB's predecessor, Medeu Bank, was founded in July 1990 and re-registered as Kazkommertsbank in October 1991. KKB completed an IPO on the London Stock Exchange in November 2006, the first CIS bank to do so, in a deal totaling $845 million.

The bank's shares are listed on the Kazakhstan Stock Exchange.