My Answers to Forbes on Leaving BCC

My departure from BCC is the result of a combination of factors. First, we fulfilled all the strategic goals set for us by the Board of Directors ahead of schedule, two years earlier than planned in the Bank's strategic plan. The Bank rose to third place by assets, profit this year is expected to be around KZT 140 billion, and for next year we had planned KZT 150 billion. We reached third place on all indicators (retail and corporate deposits, retail and corporate loans), and in some segments we were the leader (mortgages, car loans, secured consumer loans, gold, credit cards and premium cards). Moreover, in September we took first place in growth of retail deposits and in the volume of loans issued to the SME segment. Second, having completed the previous strategy, the shareholders decided to adjust the Bank's development strategy and to change the Bank's management system, which differed from my vision. Third, I believe that five years is a sufficient term, and that the further effectiveness of top management depends solely on proper motivation. So we parted by mutual consent.

It was a joint decision.

I came to the Bank at the request of B. R. Baiseitov, but it was V. S. Li, with the consent of the Bank's shareholder, who offered me the post of head of the Bank. It was a very interesting project for me, and that is why I agreed: it allowed me to put my ideas into practice in managing a large financial institution.

The exit of Kookmin Bank was not especially difficult, since at that time the Bank clearly needed a reset and a new transformation. The process of dealing with Tsesnabank was more complicated: we had to work out a strategy for further cooperation and a potential merger or separation. I took an active part in this process and led the project in full. I recommended to the Board of Directors at the time not to merge, because my analysis had revealed problems at Tsesna, and these could have created difficulties in the already combined financial institution. In the end, we began the process of buying out Tsesnabank's stake and completed it in 2018.

I had complete freedom of action, and all decisions were made strictly in the spirit of corporate governance and within my authority. I consider this the main key to our team's success. Everyone did their own job. Proper corporate governance is crucial in a bank. The history of Kazakhstan's banking system shows that banks whose shareholders took a direct part in operational management did not end well. A bank must carry out a comprehensive assessment of risks and, at the same time, have a strong team to drive technological improvement, so as not to be left on the sidelines of global banking development.

Since the key shareholders are members of the Board of Directors, my departure was of course discussed with the Board members. As it was a mutual decision, it was taken calmly.

No, it had no bearing on the decision: that is my personal position, and I always put forward constructive proposals on various problems. I believe that the foundation of a healthy civil society is an active stance by every citizen, one who actually proposes ways to solve this or that problem.

That falls within the remit of the nomination committee, which recommended only one candidate. A majority of Board members voted for Ruslan, so I did not discuss other candidates. Ruslan has worked at BCC for 20 years, knows the Bank from the inside and has held every position; I think that was the key factor in choosing him. I consider Ruslan a professional and wish him success in his new role.

No, I was not aware of that.

I am still fairly young and full of ideas, so I decided to leave the group and move forward on my own.

Of course, I have handed over all matters, and I remain in constant contact with the new Chairman should he need advice on any issues.

That was the strategy within which we developed. The share of SMEs and retail in BCC's portfolio already exceeded 75%, and over the nine months the retail and SME segments generated the bulk of the profit. In September, monthly profit before provisions and taxes came to KZT 14 billion, and the trend was upward. Where BCC goes from here will be decided by the Board of Directors, which now has to determine a new strategy.

That was entirely their decision, and it would be better to ask them directly. Of course, when a leader leaves a team, some people will leave too, and that is normal, since many join for a particular project and the leader's ideas. Any new management always has its own vision of development, which may differ from that of the previous management and its team. So the replacement of certain people is a normal part of a change of leadership. Besides, the Bank's organizational structure is changing, and that may also not have suited some people.

For now I plan to rest, and then I will turn to my own projects.

That information does not correspond to reality in any way. I could head another bank if it were an interesting project in which I could put my ideas into practice.

As I said above, I have left the group, so I will not return to it. When I worked there, it belonged to Mr. Baiseitov; I do not have current information.

I have no regrets whatsoever; I am on normal business terms with the shareholders.

For now, I remain head of the Chess Federation.