Bank CenterCredit sells its share in Bank BCC-Moscow LLC
10:24, 4 February 2016
ASTANA. KAZINFORM The Board of Directors of BCC made a decision to sell Bank BCC-Moscow LLC (BCC-Moscow), a subsidiary bank, to private Russian investors.
This decision was based on serious deterioration of economic situation and instability of operational environment in Kazakhstan and Russia.
At the end of 2014 and in 2015 financial sector of both states faced the following external challenges: sharp decrease of world oil prices, preservation of sanctions of the West in relation to Russia, drop of Ruble and Tenge exchange rates.
Subsidiary bank was put up for sale because of the need to focus on domestic market. BCC management is currently planning to follow conservative business strategy concentrating on rationalization of bank activity, i.e. improvement of business processes, strengthening of corporate management and internal control.
For more information go to www.bcc.kz