Nurbank Announces Optimistic Plans for Future
OREANDA-NEWS. January 18, 2011. At the end of December, 2010 the share capital of Nurbank has been increased for 95,5 bln tenge (approximately USD 650 mln). The Bank has became one of the largest Kazakhstani banks by share capital – 129,6 bln tenge, occupying for the present day the 5th position among the Kazakhstani banks by this financial indicator. According to the Chairman of the management board Mr. Marat Zairov, such significant capital increase has not been performed in the local banking sector for the last three years. “Undoubtedly, the capital increase was a certain confirmation of the shareholders decision on their readiness to invest in the bank development”, — underlined Mr. Zairov.
Taking into consideration the high capitalization, the Bank is fulfilling the optimization of its loan portfolio by increasing the provisions level that would inevitably affect the financial results for the end of the previous year. Such position is the evidence of the strict credit risk policy.
Moreover, the Bank has duly met its obligations before the clientele in a full manner during the year. Thus, due to the committed obligations the eighths issue of debt securities had been repaid accordingly. By preliminary estimations as of 01.01.2011, the level of highly liquid assets would equal more than 25%. During this year the Bank is planning to repay by own resources the issued subordinated notes for amount of 4 bln tenge and eurobonds for USD 150 mln. In that way Nurbank expects to repay all its external obligations. At the moment, the foreign debt of the Bank is a minimal and achieves 2,7 bln tenge. The funding structure is the following:
More than 80% of the Bank securities portfolio consists of the sovereign securities that reflects current conservative policy of the Bank too.
The deposit portfolio structure of the Bank contains term deposits for 71%; the legal entities deposits for 75%. The legal entities loans share in the Bank loans portfolio equals 85%. Nurbank is planning to increase its market share of retail business as well as the small and medium enterprises business within this year. The Bank occupies 3% of market share by the scale of loans and deposits among the Kazakhstani second tier banks.
Nurbank had 16 branches, 53 outlets and 333 ATMs as of 01.01.2011.
The active development in direction of positioning as universal bank, providing a full range of financial services to the local population and business structures of Kazakhstan, is one of the objects for this year. Nurbank is planning to modernize its products row for individuals and legal entities too.
The Nurbank plans are fortified by the invitation of well experienced top-managers teams to the high positions. Mr.Rauan Daukenov, supervising the international relations department, treasury department and activity of subsidiary companies, has a wide experience of working in financial sector of the Republic of Kazakhstan. In different periods he had been working in corporate sector and state regulatory financial institutions such as Treasury system of the Ministry of Finance of RK, the National Bank of RK, National securities commission and Brokerage and dealing company – Money Experts. Mr.Rauan Daukenov graduated from Kazakh Economic University named after T.Ryskulov and got MBA degree of on of the European business schools — Reims Management School, France. He has got certificate of “International Accounting Standards course” (the United Kingdom).
The corporate business is supervised by Mr.Saken Akhmetov, having a solid experience of working in banking and corporate sectors. From 1995 to 2002, he had been working in Halyk bank, covering the structured finance, cooperation with small and medium enterprises and large corporates. The gained experience allowed him to achieve the managing positions in corporate sector. He has been working on the position of managing director since summer, 2010.
Mr.Maxut Tenbayev, responsible for development of retail business and branch network, has joined the Bank after leaving the position of Director of Kaspi bank, Karaganda Branch. He had been working in banking sphere for more than 9 years, beginning his professional career from senior manager of bank cards division of Halyk bank. He has practical experience of managing activity. Mr.Tenbaev graduated from Kazakh institute of economics and law by speciality — “Credit and finance”.
According to the Chairman of the management board of Nurbank Mr.Marat Zairov, the Bank with support of shareholders aims on achieving the leading positions in banking sector of RK. “Presently, we have weighty arguments for such statement”, — underlined Mr.Zairov.
Let us remind you that the deal on acquisition by Ms.Sarsenova S.T. more than 70% of the Bank shares has been finished in May, 2010. Later, on extra meeting of bank shareholders held on June 8, 2010 a new structure of the Board of Directors was elected. At present, it consists of Mrs.Raushan Erzhanova, Chairman of the Board of Directors; Mr.Eduard Kreimer and independent director Mr.Alexandr Frolov.
The shareholders structure change did not lead to the significant changes in the Bank strategy. One of the main activity directions remain forming of universal financial institution with a high level of clients servicing and complex approach to the sales of high-quality bank products and services.