OREANDA-NEWS. November 23, 2010. Kazakhstan Innovative Commercial Bank (Karaganda), common shares of which are admitted to circulation on Kazakhstan Stock Exchange (KASE) Unlisted Securities sector, informed KASE that the bank held shareholders special general meeting, where were made decisions, reported the press-centre of KASE.

In particular, it was decided to rename the bank into Kazakhstan Reserves Bank.

In addition, shareholders decided to increase the Board of Directors composition and elect additional new members.
 
As a result, the Board of Directors is as follows: Farid Lyuhudzyaev, Galia Zhuarova, Abdugani Niyazov, Azat Ermembetov, Roza Raeva (independent director) and Nikolai Radostovets (independent director).

Shareholders also voted for the increase of the bank capital due to the growth of FSA normative requirement to this second tier bank indicator.

According to results of the audit the bank developed strategic development plan, stipulating active efforts on all bank business areas.

The bank strategy stipulates its functioning as a universal financial institution, however at the beginning phase the bank shall focus on corporate clients and small and medium size businesses entities.

The financial institution concept supposes maintaining high liquidity and minimizing costs through the use of new channels of sales.