Key people Michael Eggleton (CEO) Founded 1994 | ||
 | ||
Products Asset management, consumer banking, corporate banking, credit cards, mortgage loans, private banking, wealth management CEO Michael Eggleton (14 Oct 2009–) Parent organization Eurasian Financial Company JSC Subsidiaries Eurasian Bank JSC, Pension Arm | ||
Eurasian Bank is the ninth largest lender in Kazakhstan, headquartered in Almaty, It was founded in 1994 as a closed joint-stock company, and reregistered in 2003 as a joint stock company due to joint stock company law changes. The Bank is owned 100% by Eurasian Financial Company JSCwhich is 100% owned by three equal shareholders: Alexander Mashkevich, Alijan Ibragimov, Patokh Shodiyev (aka Patokh Chodiev)
Contents
Michael eggleton eurasian bank russia
Profile
Eurasian Bank was founded by the shareholders to serve the needs of their industrial companies. As the bank grew, its scope grew and it began to serve a wider client base. The arrival of the new management team led by Michael Eggleton, starting at the end of 2009, brought a transformation of the bank. New processes and procedures were put in place to clean up the loan book and initiate new lending based on strict credit criteria. This has had a dramatic impact on loan book quality, with NPLs approximately one fifth of the level of the Kazakhstan banking sector as a whole. By acquiring a strong consumer finance franchise it gained a strong engine of growth, but one that was based on strong systems and experience in the local market. Today, the Bank is a market oriented mid-tier bank in Kazakhstan, serving about 6% of the adult population in Kazakhstan, bringing to the market innovative products and offers, all the while having sector leading loan book quality.
It is the only bank in Kazakhstan that did not suffer a rating downgrade during the recent financial crisis that created severe difficulties for the Kazakhstan banking sector.
New product offers in the market are mostly targeted in the retail banking segment, in all income categories. In a market with significant administrative challenges, the bank launched a unique product of car in a day financing. This drastic reduction of time to purchase a car with financing led to strong triple digit growth in auto financing in 2012. With their Branch of the Future program, the bank is increasing the types of self-service transactions for customers. The bank also launched a wealth management and private banking offer, relying on best-in-class international partners to ensure that the offer was up to global standards. All these changes rely on significant behind-the-scenes changes in systems procedures and operations.
Management
On December 5, 2016, Pavel Loginov was elected as the Chief Executive Officer of Eurasian Bank JSC (Kazakhstan). Michael Eggleton stepped down as a Chief Executive Officer of Eurasian Bank JSC (Kazakhstan). He took up this position at the end of 2009 and, together with his experienced management team, has transformed the bank from a small troubled bank into a strong mid-tier bank with a leading consumer lending position. Prior to joining Eurasian Bank, Michael Eggleton was a board member of Eurasian Natural Resources Corporation from the date of its flotation on the London Stock Exchange, and he was also CEO of National Bank Trust in Russia. Prior to this he was a Managing Director at Merrill Lynch and Credit Suisse, working with companies in the CIS, Eastern Europe, Turkey and North Africa. He started his career as a CPA, and has an MBA from San Diego State University in California. In 2013 he received the 2013 Executive of the Year Award from the American Chamber of Commerce in Kazakhstan.
Ratings
Eurasian Bank has a B+ Long-term Counterparty Credit Rating with Positive outlook and a kzBBB+ local scale rating from Standard & Poor's, it has had these ratings since the December 2011 upgrade. The bank also has a B1 Long-term foreign currency deposit rating with Negative outlook from Moody's Investors Service, it has had this rating since 2003, and the negative outlook has been in place since 2009.
Awards
In 2013, the Bank was awarded Best Bank in Kazakhstan 2013 by EMEA Finance, and Michael Eggleton, the CEO, received the 2013 Executive of the Year Award from the American Chamber of Commerce in Kazakhstan. In 2012 and 2013 the Bank was awarded the Domestic Retail Bank of the Year by Asian Banking & Finance. In 2012 the Bank was awarded the Best Bank in Kazakhstan by Euromoney, and the Bank of the Year in Kazakhstan by The Banker.
History
History section based on press releases and chronology found on company website.