15 Jul 2022 09:34

Former Alfa-Bank subsidiary in Kazakhstan, purchased by CenterCredit, excluded from SDN List

MOSCOW. July 15 (Interfax) - The former Alfa-Bank subsidiary in Kazakhstan has been excluded from the SDN List, the U.S. Department of the Treasury said on Thursday.

Alfa-Bank (Kazakhstan) was placed under sanctions in April together with the parent bank in Russia and introduced a number of temporary restrictions. Once added to the SDN List, the Alfa-Bank subsidiary in Kazakhstan announced the planned change of owner and ongoing negotiations with several investors.

A local actor, CenterCredit, purchased the bank in early May and the rebranding process began. Nowadays, the former Alfa-Bank subsidiary in Kazakhstan operates under the Eco Center Bank brand. Eco Center Bank is currently ceding assets to JSC Bank CenterCredit in preparations for merger.

Founded in 1988, CenterCredit has a vast network of offices in Kazakhstan, providing service to retail customers and businesses. Its primary shareholders are Board of Directors Chairman Bakhytbek Bayseitov (40.1%) and Board of Directors member Vladislav Li (9.2%). According to the Kazakh National Bank, CenterCredit and Eco Center Bank ranked 7th and 11th, respectively, among 22 Kazakh banks by the size of their assets.