OREANDA-NEWS. Kazkommertsbank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release:

"Kazkommertsbank announces that Mr. Sergey Yeltsov, Managing Director of Kazkommertsbank, was appointed as acting CEO of the Bank.

Based on decision of the Board of Directors, Mr. Abay Iskandirov, Deputy CEO of the Bank, carried out duties of acting CEO from April 29 to June 26, 2016 as the Bank expected employment authorization approval from the local municipality of Almaty to appoint Mr. Marc Holtzman, foreign citizen, as CEO of the Bank. Due to unexpected delay in receipt of the authorization and the expiration of 60 days period for assignment of Mr. Iskandirov as acting CEO, based on provisions of the Law On Joint Stock Companies and the Charter of the Bank, duties and responsibilities of acting CEO have been temporarily assigned to Mr. Sergey Yeltsov.

Prior to joining KKB he held positions of the CEO in Investment Fund of Kazakhstan, Deputy CEO of BTA Bank, Managing Director of Alliance Bank as well as other managerial positions in a number of financial and mining sector companies."