Bank CenterCredit (BCC)

BCC, a joint stock company (JSC) registered under the laws of Kazakhstan, was founded in 1988 as part of the first wave of cooperative banks to come out of the former Soviet system. In 1998, BCC merged with the larger and troubled state housing development bank, CJSC Zhilstroibank. BCC quickly overcame the initial problems of this merger (poor loan quality, excessive fixed assets and staff) and was reregistered as JSC Bank CenterCredit in 2004.

BCC is the sixth largest commercial bank in Kazakhstan in terms of assets, which as of 31 December 2006 equaled $4.502 billion, and fourth largest in terms of customer deposit accounts, which as of 31 December 2006 equaled $1.748 billion, deposited in more than 354,000 customer accounts.

BCC has four subsidiaries: LLP CenterLeasing, JSC BCC Invest, Center Credit International B.V., and JSC Capital Pension Fund. BCC has also made investments in JSC First Credit Bureau and Association of Financiers of Kazakhstan, JSC Atameken Pension Fund, JSC Korgau Pension Fund, and JSC Oil Insurance Company. These subsidiaries and investments are strategically important to BCC, given BCC’s intention to cross-sell its financial products.