Major Kazakh bank may enter Azerbaijani market
By Kamila Aliyeva
Kazakhstan’s Eurasian Bank intends to enter the Azerbaijani market, Bank’s CEO Pavel Loginov said in an interview with Forbes.kz.
Loginov noted that currently, the international expansion is a part of the bank’s strategy.
“We are already in markets of Kazakhstan and Russia and want to become a transaction hub in all the Eurasian area, as well as enter the markets of Uzbekistan, Kyrgyzstan, maybe Azerbaijan and Georgia,” he said.
Eurasian Bank JSC, together with its subsidiary, provides various banking products and services to retail and corporate clients, and small and medium size companies primarily in the Republic of Kazakhstan and the Russian Federation. The company operates through five segments: Retail Banking; Corporate Banking; Assets and Liabilities Management; Small and Medium Size Companies Banking; and Treasury.
Currently, 32 banks (including 15 banks with foreign share) operate in Azerbaijan and 34 banks operate in Kazakhstan.
Moreover, Loginov added that the bank’s shareholders are considering the issue on further recapitalization by six billion Kazakh tenges.
“It is expected that the decision on this issue will be made soon,” said the CEO.
The Bank also maintains liquid assets portfolio, investments into liquid assets, and bonds issue management; and treasury services that include group financing via interbank borrowings and using derivatives for hedging market risks. In addition, it provides safety deposit boxes, payment cards, and Internet banking services.
In 2013, the Bank was awarded Best Bank in Kazakhstan 2013 by EMEA Finance, and Michael Eggleton, the previous CEO, received the 2013 Executive of the Year Award from the American Chamber of Commerce in Kazakhstan.
As of December 31, 2015, it had 19 regional branches and 133 cash settlement centers in the Republic of Kazakhstan and the Russian Federation. The company was founded in 1994 and is headquartered in Almaty, the Republic of Kazakhstan. Eurasian Bank JSC is a subsidiary of Eurasian Financial Company JSC.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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