A New Chairman of the Board Appointed at JSC Nurbank

At the meeting of the Board of Directors of JSC Nurbank held on September 4, 2007, Nurmukhamed Bektemissov was elected as the new Chairman of the Management Board.

According to the major shareholder of JSC Nurbank, Nurali Aliyev, "Mr. Bektemissov has experience working in both international capital markets and the financial sector in Kazakhstan. We are confident that the arrival of such a professional will serve as a start for a new stage of successful development for the bank."

This appointment is the first step in implementing tasks aimed at strengthening Nurbank’s market position. In turn, Mr. Bektemissov noted that, in his opinion, JSC Nurbank has significant internal personnel and technological potential to reach a new qualitative level. "As for our strategy, first of all, we are focused on more dynamic work with individuals and the SME sector. Undoubtedly, the bank will continue to work with corporate clients, providing them with comprehensive services. Enhancing the transparency of the bank, and openness to clients and all financial market participants will also be a priority. Naturally, such tasks will require coordinated work of a team of professionals. Much attention will be given to HR policy, training, and development of the staff," Mr. Bektemissov emphasizes.

Brief background:

Since May 2006, Nurmukhamed Bektemissov has been the Chairman of the Management Board of JSC Bank Caspian. From February 2005, he served as Deputy Chairman of the Management Board at JSC Bank Caspian.

In 2004, Mr. Bektemissov worked at the Kazakhstan Investment Fund as Deputy Chairman of the Management Board. Before 2004, he gained extensive investment and financial experience working in London at leading Western investment banks Goldman Sachs International and Morgan Stanley International.

Mr. Bektemissov graduated from the Republican Specialized Physics and Mathematics Boarding School named after O. Zhautykov, holds a Bachelor of Arts in Economics from the University of Pennsylvania, and an MBA from Harvard Business School.

JSC Nurbank is one of the top ten largest banks in Kazakhstan. As of July 1, 2007, the bank's assets amounted to 190,082,547 thousand tenge, and its equity capital reached 36,832,826 thousand tenge. In the summer of 2007, the bank's authorized capital was increased by 11.6 billion tenge, reaching 27,029,690 thousand tenge.