Caspian Bank to change its name to kaspi bank by the end of the year
On 26th September 2008, there Caspian Bank shareholders meeting was held, where a key decision about the bank’s re-branding was approved. The public presentation of the new brand kaspi bank is set for November 15th, and the test launch of the innovative product for customers starts on the 2nd October.
Kaspi bank is not just a new brand name, but also a new approach in customer service and operating standards of the retail bank, which wants to become the best in Kazakhstan and Central Asia. The new name (brand) will be launched on the Day of Financiers in Kazakhstan, which is the 15th November.
“Growing Caspian Bank into the kaspi bank is a strategic move, which our investors and the top management team started preparing for a very long ago”, Mikhail Lomtadze, Chairman of the Caspian Bank’s management board, said. “This is yet another evidence and follow-up to those positive and qualitative reforms the bank has undertaken in the last twelve months”.
Since the time the leading international investment fund Baring Vostok Capital Partners has invested in the bank’s continuous improvement of the quality of customer service and the development of new innovative products became the bank’s strategic focus.
“Unlike many others, we started re-branding by undertaking reforms within the bank: we made the capable core, used the best banking technology, focused on the customer needs and developed new products”, Mr. Lomtadze explained. “We concentrate on our customers’ needs and consider their wishes of an “ideal” bank as possible both in terms of form and substance. We surveyed our customers public opinion throughout Kazakhstan. Based upon the survey we came up with a new name – kaspi bank, which we launch in mid-November. This is a very energetic, positive and human brand. There is nothing similar in the market.”
In the last 12 months alone the deposits taken by the Caspian Bank have grown almost 40% making up one of the best growth rates in the domestic banking sector. Since the beginning of the year the bank has also made over 250,000 loans to individuals in Kazakhstan”.
“Kazakhstanis are attracted by the stability and reliability of our bank”, Mr. Lomtadze said. “Our challenge is to continue improving the quality of our services and offer the Kazakhstanis new products under our new brand name”
“We have sound ambitions and very professional team to become the best retail bank in Kazakhstan”, said Vyacheslav Kim, Chairman of the Caspian Bank’s Board of Directors. “We had been preparing the bank for big changes since international investors joined us 2 years ago. In other words, we raised a new bank within the Caspian Bank you all knew. Indeed, the decision about the new name is just the first step; we are somehow lifting the curtain. This fall our customers, partners and competitors will have a chance to see the prospects for better operations of our bank and our new brand. We look forward to speaking in more detail about our philosophy and demonstrating the new brand”.
The Kazakhstanis will see the “new face” of the bank in November and will have a chance to use the new credit product, which is unique in the market, starting from the 2nd November.
“These are uncollateralized loans worth up to 1.5m Tenge”, Mikhail Lomtadze said. “The main good point about the new product for our customers is the fact that the loans might be extended fast. It will take our customers just one day to get money in order to impalement their plans like vacation, education, shopping and satisfy many other everyday needs. Therefore we hope to give more opportunities and improve the quality of living of the Kazakhstanis. We believe that by working and making a success together with our customers we will become the best retail bank in Kazakhstan”.
JSC Bank Caspian
Caspian Bank is one of the leading retail banks in Kazakhstan with total assets exceeding 267 billion tenge and equity of 43 billion tenge. Caspian has one of the largest retail networks among Kazakh banks with 150 offices and 514 points of sale for express lending products, serving more than 2000 retail outlets. Retail credit portfolio represents over half of the Bank’s total credit portfolio. Caspian Bank is majority owned by Baring Vostok Private Equity III (BVPEF III), a leading private equity firm. www.bc.kz
Baring Vostok Capital Partners
Baring Vostok Capital Partners (BVCP) specializes in direct investments to CIS countries. Since 1994 funds of BVCP have invested over $600 mln in 50 companies. The BVCP funds portfolio consists of a number of companies in financial services, oil and gas industry, telecommunications and mass media, as well as in consumer retail business, including such companies as Caspian Bank, Europlan, Center for the financial technologies, Burren Energy, Vympelcom, Golden telecom, Syktyvkar timber industry complex, Sladko, Borzhomi, Yandex and Ozon. Among BVCP investors are the worlds leading financial institutions, pension funds, investment corporations, university funds from America, Europe and Asia. BVCP is a part of the Baring Private Equity International, with over $ 3.5 bln under the management in CIS, Asia, India, Europe and Latin America. www.bvcp.ru
Almaty, Kazakhstan:
1st October 2008
For more information please contact:
Larissa Pak
Corporate communications director
Tel: +7 (727) 2 501- 800 (ext.1099)
Email: Larissa.Pak@bc.kz
Mobile: +7-701-222-93-39
