Former Deputy Finance Minister appointed to State Development Bank’s Board of Directors
Former Deputy Minister of Finance and head of the Central Treasury, Ulan Danikeyev, has recently joined the Board of Directors of the State Development Bank, according to the Kyrgyz Stock Exchange. This decision was made during an extraordinary shareholders’ meeting held on October 10, 2023.
During the meeting, Ulan Danikeyev was elected to the Board of Directors. Additionally, it was decided that a major transaction would take place to acquire shares of Alfa Telecom CJSC, totaling 50 percent or more of the book value of assets.
The state stake in Alfa Telecom CJSC was sold for 14.8 billion soms, with the State Development Bank purchasing it. This move further strengthens the bank’s presence and influence within the telecommunications sector.
Ulan Danikeyev’s extensive experience in finance and treasury management makes him a valuable addition to the State Development Bank’s Board of Directors. His expertise will contribute to the bank’s strategic decision-making process, particularly in relation to the newly acquired shares of Alfa Telecom CJSC.
The State Development Bank plays a crucial role in facilitating economic growth and development in Kyrgyzstan. As a state-owned financial institution, it aims to provide financial resources and support to various sectors, including infrastructure, industry, and small and medium-sized enterprises.
The acquisition of shares in Alfa Telecom CJSC demonstrates the bank’s commitment to diversify its investment portfolio and expand its influence in crucial industries. By acquiring a significant stake in the telecommunications sector, the State Development Bank can actively contribute to the development of reliable and efficient telecommunication services throughout the country.
Ulan Danikeyev’s appointment as a member of the Board of Directors symbolizes the bank’s dedication to bringing in experienced professionals who can contribute to its vision and mission. His expertise will undoubtedly be instrumental in guiding the bank’s strategic initiatives and ensuring its successful growth in the coming years.
The State Development Bank’s decision to acquire shares in Alfa Telecom CJSC is seen as a proactive step towards strengthening the bank’s financial position and furthering its commitment to supporting key industries. This move aligns with the government’s agenda to promote economic diversification and enhance the country’s overall competitiveness in the global market.
With Ulan Danikeyev’s appointment and the acquisition of shares in Alfa Telecom CJSC, the State Development Bank is well-positioned to lead the way in promoting financial stability and driving sustainable economic growth in Kyrgyzstan. This development highlights the bank’s dedication to proactively identifying investment opportunities and playing a vital role in the country’s economic transformation.
