Eurasian Bank

Eurasian Bank JSC is a commercial bank headquartered in Almaty, Kazakhstan. Established in 1994 as a closed joint-stock bank, it developed from a relatively small financial institution into one of Kazakhstan’s significant second-tier lenders, with activities spanning retail banking, corporate banking, consumer lending, deposits, payment cards, foreign-exchange services, securities-related services and private banking. The bank operates primarily in Kazakhstan and has historically maintained a nationwide distribution network of branches, points of sale and other customer-service locations. The institution’s early development was closely connected with the formation of Kazakhstan’s post-Soviet financial infrastructure. During the second half of the 1990s, it obtained authorization for banking operations, securities brokerage, government-securities dealing and custodial activity. It joined the Kazakhstan Stock Exchange, SWIFT and the national deposit-guarantee system, and later became a member of Visa International. These memberships and licenses gave it access to domestic capital-market infrastructure and international payments networks. In the 2000s, Eurasian Bank expanded its regulated capabilities and began receiving assessments from international rating agencies, including Moody’s, Fitch and Standard & Poor’s. Its consumer and retail orientation became more pronounced during the following decade. The bank acquired the Kazakhstan microcredit organization ProstoCredit from Société Générale in 2011 and later completed the acquisition of BankPozitiv Kazakhstan in 2015. It also acquired a Russian subsidiary, Bank Troika Dialog, in 2010, although that business was subsequently sold to Sovcombank in 2020. The bank has used product and channel modernization as part of its competitive strategy. Its historical initiatives included a premium Visa Infinite card developed with Visa, private-banking services for high-net-worth customers, automated branch concepts, a principal membership in MasterCard and mobile banking for retail clients. Consumer loans, payment cards, deposits and everyday transaction services have remained central elements of its retail proposition, while corporate customers have been served through lending, cash management, payments and related financial services. Ownership is attributed to Eurasian Financial Company JSC, which the referenced material describes as wholly owned by three equal shareholders: Alexander Mashkevich, Alijan Ibragimov and Patokh Shodiyev, also known as Patokh Chodiev. The bank’s management and credit profile have changed over time. Lyazzat Satiyeva was elected chairwoman of the Management Board in September 2022. Its credit ratings have included assessments from Moody’s and Standard & Poor’s, with outlooks varying according to the agencies’ views of the bank and Kazakhstan’s banking and macroeconomic environment. Eurasian Bank remains an active Kazakhstan-focused banking brand. Publicly available reference material does not establish a current consolidated asset ranking, current shareholder changes, current financial figures or a current detailed product catalogue, so those elements are not stated here as definitive facts.

Eurasian Bank was registered in December 1994 as a joint-stock bank by Kazakhstan’s National Bank. In February 1995 it received a general banking license. During the next several years it added licenses and memberships that broadened its role in Kazakhstan’s financial system: it obtained authorization for brokerage and dealing in government securities, became a primary dealer in government securities, joined the Kazakhstan Stock Exchange and SWIFT, and received a custodial-activity license. In February 2000 it entered Kazakhstan’s deposit-guarantee system, and later that year it joined Visa International. A license covering banking operations in tenge and foreign currencies followed in 2002. The bank’s legal form changed in 2003. It had originally been established as a closed joint-stock company, but was re-registered as a joint-stock company following changes to Kazakhstan’s joint-stock-company legislation. The same period also marked the beginning of a sustained relationship with international credit-rating agencies. Moody’s assigned the bank B1 long-term and not-prime short-term foreign-currency deposit ratings in 2003. Eurasian Bank subsequently received ratings or assessments from Fitch and Standard & Poor’s, while its outlooks changed over time in response to the bank’s own credit profile and broader economic conditions. In the middle of the 2000s, Eurasian Bank added membership in the Kazakhstan mortgage-loan guarantee fund and continued developing its payments infrastructure. Visa raised the bank’s status to principal member in 2008. That year, Eurasian Bank and Visa presented the Eurasian Diamond Visa Infinite Card, a premium card decorated with diamond and gold elements. In October 2009, Michael Eggleton was appointed chairman of the Management Board and chief executive officer according to the referenced historical chronology. The 2010s brought expansion beyond the bank’s original domestic platform. In April 2010, Eurasian Bank completed the acquisition of 99.99% of Bank Troika Dialog in Moscow. In February 2011, it acquired the microcredit organization ProstoCredit from Société Générale. The bank also became a principal member of MasterCard in January 2013. In October 2015, it concluded the acquisition of all shares in BankPozitiv Kazakhstan. These transactions supported expansion in consumer and retail finance, although the Russian subsidiary was later divested. During this period the bank also invested in distribution and digital delivery. In 2011 it reported more than 450 points of sale and 419,000 customers; by the end of 2012, the chronology cited by the reference material recorded 1,900 points of sale and 648,000 customers. In 2013 it introduced a Branch of the Future program with automated electronic cashiers in branches in Almaty and Atyrau, and opened a private-banking branch. In December 2013 it completed what was described as Kazakhstan’s first retail-loan assignment and servicing transaction, effectively a synthetic securitization. Mobile banking for retail customers was launched in June 2014. Eurasian Bank’s management changed during the later 2010s. Pavel Loginov served as chairman of the board from December 2016 through June 2019. In October 2019, management decided to continue cooperation only with Moody’s Investors Service among rating agencies. The bank’s credit assessments continued to reflect the operating environment in Kazakhstan. In April 2020, Moody’s retained a B2 rating and b3 baseline credit assessment but revised the outlook for long-term local- and foreign-currency operations to negative, citing deteriorating expectations for Kazakhstan’s banking sector and economy. The bank completed the sale of its Russian subsidiary, JSC SB Eurasian Bank, to Sovcombank in December 2020. In September 2022, Lyazzat Satiyeva was elected chairwoman of the Management Board. Eurasian Bank remains an active Kazakhstan-focused commercial bank with retail, corporate, payment, consumer-finance, securities and private-banking capabilities. The available reference material does not provide sufficient current information to state its present assets, branch count, financial performance or detailed ownership changes beyond the ownership description cited above.

1. 2022New Management Board chair

   Lyazzat Satiyeva was elected chairwoman of the Management Board.

   Source
2. 2020Sells Russian subsidiary

   The sale of JSC SB Eurasian Bank in Russia to Sovcombank was completed.

   Source
3. 2015Acquires BankPozitiv Kazakhstan

   Eurasian Bank concluded a transaction to acquire 100% of BankPozitiv Kazakhstan JSC.

   Source
4. 2014Mobile banking launch

   The bank launched mobile banking for retail customers.

   Source
5. 2013Private banking and automated branches

   Eurasian Bank opened a private-banking branch and began its Branch of the Future initiative with automated electronic cashiers.

   Source
6. 2011Acquires ProstoCredit

   The bank acquired the microcredit organization ProstoCredit from Société Générale.

   Source
7. 2010Acquires Bank Troika Dialog

   Eurasian Bank completed the acquisition of 99.99% of Bank Troika Dialog in Moscow.

   Source
8. 2008Visa principal membership and premium card

   Visa elevated the bank to principal-member status, and the two organizations presented the Eurasian Diamond Visa Infinite Card.

   Source
9. 2003Legal re-registration

   The institution was re-registered as a joint-stock company after changes to joint-stock-company legislation.

   Source
10. 2000Joins deposit-guarantee system

    Eurasian Bank became a participant in Kazakhstan’s deposit-guarantee system.

    Source
11. 1996Joins Kazakhstan Stock Exchange

    The bank became a member of the Kazakhstan Stock Exchange and obtained a broker-dealer license.

    Source
12. 1994Bank registered in Kazakhstan

    Eurasian Bank was registered as a joint-stock bank by Kazakhstan’s National Bank in December.

    Source

A Kazakhstan-focused universal bank combining mass-market retail and consumer finance with corporate, payment, securities and private-banking services.

• Retail bankingBanking services

  Eurasian Bank’s retail proposition includes everyday accounts, deposits, consumer lending, payment services and access through branches, points of sale and digital channels. Retail banking became increasingly important as the bank expanded its consumer-finance activities and introduced mobile banking.

• Consumer lendingLoans

  Consumer loans are a core part of the bank’s mass-market business. The acquisition of ProstoCredit and the development of a large domestic distribution network supported the bank’s participation in Kazakhstan’s consumer-credit market.

• Payment cardsPayments2008

  The bank has issued and serviced payment cards through Visa and MasterCard networks. Its historical card portfolio included the premium Eurasian Diamond Visa Infinite Card, created with Visa and distinguished by diamond and gold ornamentation.

• Mobile bankingDigital banking2014

  Eurasian Bank launched mobile banking for retail customers in June 2014, extending account and transaction access beyond the physical branch network. The available sources do not specify the current feature set or application branding.

• Private BankingWealth management2013

  The bank opened a private-banking branch in January 2013 for VIP customers. The service was described as including wealth-management offerings supported by international partners.

• Corporate bankingCommercial banking

  Corporate banking covers financial services for businesses, including lending, deposits, payments and cash-management functions. The referenced material confirms the bank’s corporate-banking role but does not provide a current product-level catalogue.

• Securities and custody servicesCapital markets1996

  Eurasian Bank historically held licenses for brokerage, government-securities dealing and custodial activity. It became a primary dealer in government securities and joined the Kazakhstan Stock Exchange during the 1990s.

• 2013Branch of the Future

  Kazakhstan

  The bank introduced a branch-modernization program using automated electronic cashiers, initially in branches in Almaty and Atyrau.

  Outcome. The available source confirms the initial implementation but does not document the program’s final scale or long-term outcome.

  Source
• 2008Eurasian Diamond Visa Infinite Card launch

  Kazakhstan

  Eurasian Bank and Visa presented a premium Visa Infinite card incorporating diamond and gold ornamentation.

  Outcome. The cited material records the product launch but does not provide adoption or sales results.

  Source

• 2020Sale of Russian subsidiary to SovcombankM&A

  Eurasian Bank had acquired a controlling stake in Bank Troika Dialog in Moscow in 2010 and subsequently operated a Russian subsidiary.

  What changed. The bank completed the sale of 100% of JSC SB Eurasian Bank in Russia to Sovcombank in December 2020.

  Aftermath. The transaction reduced the group’s direct Russian banking presence and left Kazakhstan as the principal market described in the available material.

  Source
• 2019Consolidation of rating-agency relationshipStrategy

  The bank maintained ratings from multiple international agencies during earlier periods.

  What changed. Management decided to continue cooperation only with Moody’s Investors Service.

  Aftermath. The available sources do not describe the operational or market consequences of this decision.

  Source
• 2014Launch of retail mobile bankingProduct launch

  The bank was expanding its retail distribution and customer-service capabilities.

  What changed. Eurasian Bank introduced mobile banking for retail customers.

  Aftermath. The source confirms the launch but does not provide user numbers or later performance data.

  Source
• 2013Expansion into private banking and automated branchesStrategy

  Eurasian Bank sought to serve both affluent customers and a growing mass retail base.

  What changed. The bank opened a private-banking branch and launched the Branch of the Future initiative with automated electronic cashiers.

  Aftermath. The initiatives broadened the bank’s service model, although the cited sources do not quantify their results.

  Source

• 2015Executive dismissed after public criticism and allegationsControversy

  In January 2015, Tatyana Burnakina, an executive responsible for bank cards and payment services, gave an interview containing criticism of bank employees and statements about alleged fraud and theft. The bank later announced that her employment contract had been terminated for gross violations of its ethics and business-conduct code. The cited sources do not establish the truth of the allegations.

  Source

• 2022Eurasian Bank appoints Lyazzat Satiyeva as Management Board chair

  Lyazzat Satiyeva was elected chairwoman of the bank’s Management Board on September 13, 2022.

  Leadership change
  Source
• 2020Moody’s lowers Eurasian Bank outlook to negative

  Moody’s retained the bank’s B2 rating and b3 baseline credit assessment but changed the outlook for its long-term local- and foreign-currency operations to negative amid weaker expectations for Kazakhstan’s banking sector and economy.

  Other
  Source
• 2020Eurasian Bank completes sale of its Russian subsidiary

  The sale of 100% of JSC SB Eurasian Bank in Russia to Sovcombank was completed in December 2020.

  M&A
  Source
• 2019Eurasian Bank concludes cooperation with rating agencies other than Moody’s

  Bank management decided to continue cooperation only with Moody’s Investors Service.

  Other
  Source
• 2015Eurasian Bank acquires BankPozitiv Kazakhstan

  A transaction to acquire all shares of BankPozitiv Kazakhstan JSC was concluded on October 21, 2015.

  M&A
  Source
• 2014Eurasian Bank launches mobile banking

  The bank introduced mobile-banking services for retail customers.

  Product launch
  Source
• 2013Eurasian Bank opens private-banking branch

  The bank opened a private-banking branch for VIP customers, including wealth-management services supplied with the participation of international partners.

  Product launch
  Source
• 2012Euromoney names Eurasian Bank Best Bank in Kazakhstan

  Euromoney recognized Eurasian Bank as Best Bank in Kazakhstan.

  Other
  Source

1. Eurasian Bank
2. Eurasian Bank official website