The managing director of Kazkommertsbank has told RBI
that the bank is targeting “gradual growth” in Russia.
Although reluctant to
confirm speculations about Kazkommertsbank’s bid for
Expobank, Andrey Timchenko said that the bank was confident
about a profitable expansion in Russia.
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As major Western European banks are retreating
from Russian retail banking, Timchenko said that surviving in
Russia’s retail banking business takes more than just funds for
acquisitions.
Timchenko believes Kazkommertsbank would avoid
a similar fate like Barclays and HSBC thanks to the historical and
cultural background between Russia and Kazakhstan and other former
Soviet states.
“It’s certainly quite different for us than
the Western banks. We are not a local bank and that has advantages
and disadvantages. An advantage is that we are independent [from
the Russian state].”
The full interview will be published in the
upcoming issue of RBI.
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