| Headline: AMB aims to be a universal bank Source: Euromoney Date: January 2001 Author: Janice Cowan Kazakh banks tend to focus on financing international trade, lending to the larger local corporates and channeling development bank money. The more ambitious aim to become universal banks, engaged in a wider variety of wholesale markets and in retail financial services. Almaty Merchant Bank’s (AMB), managing director, Kairat Satylganov, says the bank has changed markedly since it first opened for business five years ago. “Then we were mainly serving trade in commodities. But times change, the economy has changed. Right now our policy is to present all kinds of banking services. “In future we are planning to expand the range of services in the area of insurance and leasing.” Toward this aim, in March 2000 and November 2000 respectively, two subsidiaries of the bank, AMB Policy and AMB Leasing were opened, and in 2001 AMB plans to start its own investment company. “We want to increase our share of the retail market. We want to work with individuals. Of course we should open more branches. We should invest a lot of money in technology. It takes a lot of investment.” Today AMB has 10 branches in the developed regions of Kazakhstan. |