Eco Center Bank to be merged with Bank CenterCredit

The shareholders have decided at the general meeting

According to a document published on the KASE website, Eco Center Bank, earlier known as Alfa-Bank, will be merged with Bank CenterCredit (BCC).

This decision was approved by the shareholder’s general meeting on August 3, 2022.

On May 5, 2022, BCC bought Alfa-Bank Kazakhstan, a subsidiary of the Russian Alfa Group and renamed the bank Eco Center Bank. After the Russian invasion of Ukraine Alfa-Bank became a subject of U.S. sanctions that pushed the bank to search for a deal with potential investors in order to exempt the bank from sanctions. On April 20, Alfa-Bank announced that BCC would buy the bank. Also, BCC has promised to pour additional resources into the new subsidiary to meet obligations to deposit holders and clients.

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