Temirbank appoints new CEO

The board of directors of Temirbank has decided to terminate CEO Murat Baisynov early and replace him with Mukhabbat Seitova, Tengrinews reports citing the press office of the bank. The BOD appointed Mukhabbat Seitova as the new CEO on December 18. Starting from October this year, Ms. Seitova has be working as First Deputy Chairwoman of the Management Board of Temirbank. She also used to worked as Deputy Chairwoman of the Board of Directors at ATF Bank and later as Deputy Director General of Verny Investments Holding partially owned by Bulat Utemuratov. Samruk-Kazyna Sovereign Wealth Fund that held 79.88% of the common stock in Temirbank finalized the deal with Bulat Utemuratov earlier this month. The deal makes the Kazakhstan billionaire the majority shareholder of the bank. The purchase will be finalized in the first quarter of 2014 after the regulatory authorities approve the deal. Prior to closing, Mr. Utemuratov intends to meet with Temirbank creditors and later make an offer to the minority shareholders of the bank. According to Kazakhstan's financial regulator, the Financial Supervision Agency, Temirbank was ranked 13th out of 38 Kazakhstani banks in terms of assets as of September 2013.