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Eurasian Bank JSC is the ninth largest lender[4] in Kazakhstan, headquartered in Almaty,[5] It was founded in 1994 as a closed joint-stock company, and reregistered in 2003 as a joint stock company due to joint stock company law changes.[6] The Bank is owned 100% by Eurasian Financial Company JSCwhich is 100% owned by three equal shareholders: Alexander Mashkevich, Alijan Ibragimov, Patokh Shodiyev (aka Patokh Chodiev)[7]

Eurasian Bank JSC
Native name
  • Kazakh: «Еуразиялық банк» АҚ
    «Eýrazııalyq bank» AQ
  • Russian: АО «Евразийский банк»
JSC – Joint Stock Company
IndustryFinancial services
HeadquartersAlmaty, Kazakhstan
Area served
Kazakhstan, Russia
Key people
Pavel Loginov (CEO)
ProductsAsset management, consumer banking, corporate banking, credit cards, mortgage loans, private banking, wealth management
  • Increase KZT 52.5 billion (2013)
  •  KZT 38.4 billion (2012)[2]
  • Increase KZT 17.3 billion (2013)
  •  KZT 13.1 billion (2012)[2]
  • Increase KZT 13.1 billion (2013)
  •  KZT 9.8 billion (2012)[2]
Total assets
  • Increase KZT 588.6 billion (2013)
  •  KZT 470.5 billion (2012)[2]
Total equity
  • Increase KZT 58.8 billion (2013)
  •  KZT 47.8 billion (2012)[2]
Number of employees
> 5,500 (2013)[3]



On December 5, 2016, Pavel Loginov was elected as the Chief Executive Officer of Eurasian Bank JSC (Kazakhstan).[8] Michael Eggleton stepped down as a Chief Executive Officer of Eurasian Bank JSC (Kazakhstan). He took up this position at the end of 2009 and, together with his experienced management team, has transformed the bank from a small troubled bank into a strong mid-tier bank with a leading consumer lending position. Prior to joining Eurasian Bank, Michael Eggleton was a board member of Eurasian Natural Resources Corporation from the date of its flotation on the London Stock Exchange, and he was also CEO of National Bank Trust in Russia. Prior to this he was a Managing Director at Merrill Lynch and Credit Suisse, working with companies in the CIS, Eastern Europe, Turkey and North Africa. He started his career as a CPA, and has an MBA from San Diego State University in California.[9] In 2013 he received the 2013 Executive of the Year Award from the American Chamber of Commerce in Kazakhstan.[10]


Eurasian Bank has a B+ Long-term Counterparty Credit Rating with Positive outlook and a kzBBB+ local scale rating from Standard & Poor's,[11] it has had these ratings since the December 2011 upgrade. The bank also has a B1 Long-term foreign currency deposit rating with Negative outlook from Moody's Investors Service,[12] it has had this rating since 2003, and the negative outlook has been in place since 2009.


History section based on press releases and chronology found on company website.[13]


  • December 1994 - Eurasian Bank was registered as Joint Stock Bank by National Bank of Kazakhstan
  • February 1995 - Bank received General License to fulfill bank operations
  • March 1996 - Receipt of License for broker and dealer activity
  • April 1996 - Becomes prime dealer on Government securities
  • May 1996 - Bank became the member of Kazakhstan Stock Exchange
  • September 1997 - Receipt of the License for broker activity with Government securities
  • September 1997 - Bank became member of SWIFT
  • April 1998 – Receipt of License for custodian activity


  • February 2000 – Bank became member of the Deposit Guarantee System
  • November 2000 – Became a member of VISA International
  • January 2002 – Receipt of the license to fulfill bank operations in tenge and foreign currencies
  • July 2003 – Moody’s rating agency assigned Bank a B1 rating for long term and NP rating for short term deposits in foreign currency, E for Financial Strength Rating. Outlook Stable
  • October 2004 – Became a member of Kazakhstan Fund for mortgage loans guarantee
  • July 2006 - Fitch rating agency assigned the Bank with B- Issuer’s Default Rating, and B short-term rating. Outlook Stable
  • November 2006 - Standard & Poor’s assigned Bank В/В long and short term ratings, kzBB national scale rating, Outlook Stable
  • July 2007 - Standard & Poor's changed its Outlook to Positive from Stable. Credit ratings B/B were confirmed. Bank’s local national scale rating was upgraded to kzBВB- from kzBВ
  • September 2008 - Visa International raises the status of the Bank to Principal Member
  • December 2008 - Eurasian Bank and Visa presented world's first exclusive card with diamond and gold ornaments - VISA Infinite Eurasian Diamond Card.
  • October 2009 - appointment of the new Chairman of the Management Board (CEO) – Mr. Michael Eggleton


  • April 2010 – Completion of the acquisition of 99.99% of the shares of Bank Troika Dialog in Moscow
  • June 2010 - Moody's Investors Service assigned a rating of B1 for debt in local currency
  • February 2011 - Acquisition of Micro Credit Organization ProstoCredit from Société Générale
  • December 2011 - Standard & Poor's raises the credit rating of the Bank to B/B, the local rating from kzBB to kzBB+, and changes the outlook from negative to stable
  • December 2011 - The Bank ends the year with more than 450 points of sale throughout Kazakhstan. Client numbers increased by 250,000 to 419,000
  • July 2012 - Euromoney magazine named Eurasian Bank as Best Bank in Kazakhstan
  • July 2012 – Kazakhstani Rating Agency KzRating upgraded the credit rating of the Bank on a national scale from BBB to A- and the international scale from BB- to BB with a Stable outlook
  • December 2012 - The Bank ends the year with 1,900 points of sale and 648,000 clients
  • January 2013 – Eurasian Bank opens its Private Banking branch for VIP clients, offering wealth management services from international partners
  • January 2013 - Eurasian Bank becomes principal member of MasterCard
  • February 2013 – Eurasian Bank launches its Branch of the Future plan with automated electronic cashiers in to branches in Almaty and Atyrau
  • May 2013 - Michael Eggleton, the CEO, received the CEO of the Year - 2013 award from the American Chamber of Commerce in Kazakhstan
  • July 2013 - Standard & Poor's Maintains the credit rating of the Bank at B+/B+, raises the local rating from kzBBB to kzBBB+, and changes the outlook from stable to positive
  • December 2013 - Eurasian Bank completes first retail loan assignment & servicing transaction in Kazakhstan market. Essentially a synthetic securitization.
  • February 2014 - Moody's rating agency reaffirms Eurasian Bank's B1 rating
  • June 2014 - Eurasian Bank launches mobile banking for retail customers


  1. ^ 2012 Consolidated Financial statements. Note 1 a) Background – Organisation and Operations.
  2. ^ a b c d e "Consolidated Financial Statements 2013" (PDF).
  3. ^ 2013 year end investor presentation, page 7.
  4. ^ National Bank bank sector statistics Retrieved on 4 June 2014. Second tier banks monthly summary balance sheet statistics
  5. ^ Eurasian Bank Head Office location. Retrieved on 3 June 2012. Registered Office : 56 Kunayev Street, 050002 Almaty (Kazakhstan)
  6. ^ 2012 Consolidated Financial statements. Retrieved on 3 June 2012. Note 1 a) Background – Organisation and Operations.
  7. ^ 2012 Consolidated Financial statements. Retrieved on 3 June 2012. Note 36 a) Related Party transactions – Control Relationships.
  8. ^ Kazakh Eurasian Bank Appointed New CEO
  9. ^ Forbes Kazakhstan June 2013 profile of Michael Eggleton
  10. ^ Eurasian Bank website, press release on award.
  11. ^ S&P rating page for Eurasian Bank, retrieved 4 June 2014 (requires site registration). Eurasian Bank has had a B+ rating with Stable outlook since December 2011
  12. ^ [/credit-ratings/Eurasian-Bank-credit-rating-600066033 Moody's Rating page for Eurasian Bank, retrieved (requires site registration) 4 June 2014. Eurasian Bank has had B1 rating since 2003, with a negative outlook since 2009.]
  13. ^ Eurasian Bank English language website, news releases

External linksEdit

  • Official website
  • [1] Kazakhstan Stock Exchange Member page
  • [2] FNMC - Financial regulator website list of second tier banks
  • [3] - National Bank website Statistics on Financial sector