Otbasy Bank names new board chairman
Acting on the recommendation of its sole shareholder, Baiterek National Investment Holding, the Board of Directors of Otbasy Bank has elected independent director Sanzhar Zhamalov as its Chairman, Qazinform News Agency cites the bank's press service.
According to Otbasy Bank, Zhamalov will play a key role in organizing the board's work, shaping the strategic agenda, fostering constructive interaction among board members, and facilitating objective consideration of the bank's development matters.
"Around the world, electing an independent director as board chairman is seen as a way to strengthen objectivity in decision-making, improve board effectiveness, and ensure a balance between the interests of the shareholder and other stakeholders. The election of an independent chairman of Otbasy Bank's board is another step by Baiterek Holding toward developing a modern corporate governance model within the group of companies. This approach meets international standards, strengthening independent oversight, strategic management, and long-term sustainability for an institution that serves key socioeconomic priorities," the bank said.
Sanzhar Zhamalov, 40, who has served on Otbasy Bank's board since February 2022, succeeds Zhandos Shaikhy in the role.
Earlier, Kazakhstan unveiled a unified interbank QR payment system.