Misys named as its preferred core banking provider to support growth
Kazkommertsbank (KKB), one of the largest private banks in CIS and the market leader by total assets in Kazakhstan, is extending its business footprint in the countries in which it operates. With an estimated growth rate of 5.9 per cent in 2012, Kazakhstan was ranked in the top 10 fastest-growing countries, according to the International Monetary Fund. KKB is expanding its business to cater for the country’s and wider region’s economic growth. It has once again chosen Misys as its preferred partner to continue supporting the expansion plans with a robust centralised core banking platform.
KKB provides a wide range of banking and other financial services to corporate and retail clients across the region. Founded in 1991, KKB has its headquarters in Almaty and serves its retail clients through a network of branches in 45 cities all over Kazakhstan under the KAZKOM logo. It is one of the leading retail banking franchises in Kazakhstan with one-fifth of the retail deposit market. KKB is also the dominant provider of banking services and other financial products to large and medium-sized corporations across all sectors of the Kazakh economy and has international banking subsidiaries in Kyrgyzstan, Tajikistan and the Russian Federation.
In the last fifteen years, the bank has benefited from Misys solutions in its corporate and retail banking businesses, which include trade finance services, lending, asset management and consumer banking. With the slowdown of the Kazakh economy, which saw GDP growth rate decrease to just 1.2% in 2009, coupled with significant turbulence in the global financial markets, KKB has focused resources for the last few years on improving the quality of its assets and improved liquidity management. With the economy beginning to pick up, the bank is poised to grow and has aspirations to continue to expand.
It was essential for the bank to have an agile core banking platform that would allow it to cope with the bank’s growth as well as enable it to bring new products and services to market rapidly, whilst continuing to maintain operating efficiency. Misys has been chosen to continue to provide a robust centralised core platform and applications that will support core processing of all of the bank’s major activities in the future.
“Although we are already considered as the most efficient bank against our competitors, we have an on-going objective to keep making our technology base more and more effective,” states Mr Mukhit Inebekov, CIO, Kazkommertsbank. “Misys has always proved to be a strong partner for us in the past. The skilled experts have supported us with their world-leading products and services and we look forward to strengthening the relationship further as they continue to bring value to our business as we expand.”
“We are delighted to have been able to support KKB in building its strong banking reputation in the CIS,” adds Theo Simons, Misys Regional Manager, CIS. “Our products have underpinned the expansion plans of the bank and we look forward to helping it maintain its leadership position and grow further with our support and the value that Misys solutions will bring in the future.”
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