Gulnara Kireyeva
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Deputy Chairman
JSC “Kazakhstan Sustainability Fund”
Young Leaders Program (’07)
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Please tell us about your career path so far. What is your area of specialization and how did you come to work in this area?
At 2016 CFO Summit in Almaty. CFO is an annual summit for (top)managers in the financial sector, where they discuss recent changes, trends, innovations and prospects for the development of Kazakhstan’s financial system.
My career started shortly before I graduated from the Kazakh State Academy.? Before writing the final paper to earn my degree, I began my obligatory internship in the winter of 1998 at the National Bank of Kazakhstan.? One of the professors from the Academy advised me to submit an application to the National Bank of Kazakhstan (Central Bank which is accountable to the President of the Republic of Kazakhstan), warning me as well that obtaining a position at the National Bank was very difficult due to its status, reputation and influence in the business community. The application and interview process were, in fact, difficult. However, the National Bank positively considered my skills and education, and I began my career.
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My work experience at the National Bank has been valuable for my future career growth.? Not only have I learned to apply my individual skills and education, but also I learned to work in a team environment.? I have learned, and continue to learn, both the theoretical aspects of financial sector development and the art of negotiation and teamwork to accomplish an objective.
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With fellow students at Japan Tent international exchange event in Kanazawa, Japan
Working at the National Bank and Financial Supervision Agency, provided me with perfect opportunities to develop my professional skills. During my career of more than twenty years at the system of the National Bank of Kazakhstan I am fortunate to have worked on many different issues in the financial sector. My experiences in such areas as the development of deposit insurance system, the construction of a savings system, and banking sector analysis, have enabled me to develop new proposals on the establishment of credit unions, a mortgage lending system in Kazakhstan, the improvement of financial supervision on consolidated basis, the development of cooperation between supervision authorities on cross border establishments and so on.
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I have grown from the position of economist to Deputy Chairman of a subsidiary of the National Bank of Kazakhstan.
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You are currently serving as Deputy Chairman of JSC “Kazakhstan Sustainability Fund” Please tell us more about the Fund.
Enjoying shopping at Almaty Dostyk Plaza.
“Kazakhstan Sustainability Fund” was registered on September 11, 2017. The sole shareholder of the Fund is the National Bank of the Republic of Kazakhstan.
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The main purpose of the Fund is to promote the financial stability of the banking sector through financial support of commercial banks.
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Currently, the Fund is the operator of
1) the Program for Improving the Financial Sustainability of the Banking Sector of the Republic of Kazakhstan
2) the Program for Refinancing Mortgage Loans
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The main activities of the “Kazakhstan Sustainability Fund” JSC are:
- participation in the development, realization and financing of programs (including government) to support the banking sector;
- monitoring of the second-tier bank’s plans for improving financial sustainability;
- financial support of the second-tier banks, including the provision of subordinated loans (acquiring subordinated bonds), and concluding agreements with the second-tier banks and their shareholders for these purposes;
- monitoring of the subordinated debt repayment by the second-tier banks;
- acquisition of the second-tier banks’ shares through conversion of subordinated bonds (subordinated debt) acquired by the “KSF” JSC;
- fulfillment of ?the functions of the second-tier banks’ shareholder, whose shares are acquired by the “KSF” JSC through converting subordinated bonds (subordinated debt), including the appointment of senior officials;
- search for investors and sale of the second-tier banks shares, acquired through converting subordinated bonds (subordinated debt) to a new investor (investors).
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Small reunion in Samarkand with GRIPS batch mates from Uzbekistan and Australia in 2012.
What are your main roles and responsibilities as Deputy Chairman?
At present I am responsible for the practical implementation of the above two Programs.
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In your current capacity, what do you see as the main opportunities and challenges for Kazakhstan over the course of the next five to ten years?
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The increase in banks’ own capital, together with a decrease in non-performing assets of banks, will support lending by banks to the real sector of the economy. Our programs will contribute to the further development of related sectors of the economy, which in turn will contribute to the improvement of the financial condition of the final borrowers.
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What are some of the biggest challenges you face in your work? And what have been the most interesting or rewarding aspects of your career thus far?
Happy days in the Tokyo International Exchange Center, Odaiba, 2007.
We have ambitious plans. The greatest challenge I face in work is the practical achievement of the goals. The most rewarding aspects are the execution of plans, when I see the results.
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What led you to GRIPS??What is the most important thing you got out of your studies here, and how has your experience at GRIPS prepared you for future endeavours?
Studying at GRIPS has helped me to develop leadership skills and to develop a network of my best friends and colleagues from all over the world that were students of GRIPS from different countries.
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Have you had any involvement, professional or otherwise, with Japan since your graduation?
I was involved in several meetings with Japanese professors who came to Kazakhstan to interview candidates to be admitted as new GRIPS students.
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How do you maintain a balance between your work and the rest of your life? And what is your favorite thing to do when you are not working?
I like hiking to the mountains, visit music classes to develop my vocal skills and I like to participate in psychological trainings for career and personal development.
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What are some of your fondest memories of your time spent at GRIPS? And what do you miss about Japan?
Alumni reunion in Almaty with GRIPS Prof. Hatakeyama and Karin Hillen, March 2011
Most of all, I miss Japanese culture, food and traditions. I liked the field trips at GRIPS. Those trips gave me an opportunity to see real Japanese families, to understand their traditions and culture.
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If you could give one piece of advice to anyone considering studying at GRIPS what would it be?
If you wish to become a leader with a great career, choose GRIPS.
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