The new independent director of Bank RBK is a former EBRD executive: what it means for the bank and business

Jürgen Rigterink is an international banker with more than thirty years of experience. Following his election as an independent member of the Board of Directors, he discusses how strong corporate governance helps the bank grow sustainably, why risk discipline is more important than “quick” decisions, and what principles he considers key to earning the trust of clients and investors in Kazakhstan.

- Jürgen, as First Vice President of the EBRD you have paid considerable attention to our region and Kazakhstan in particular. How do you assess the current stage of Kazakhstan’s development and its financial sector?

- Kazakhstan has undergone significant transformation in recent years. Following difficult periods over the last two decades, primarily driven not external shocks, heavy reliance on external funding, and structural issues like high non-performing loans and weak governance, I believe that Kazakhstan has turned the corner. The country demonstrates more mature macroeconomic policy, strengthening of financial sector regulation, and consistent improvement of corporate governance standards. The banking system has become more stable: capital, transparency and risk management requirements have notably increased.

At the same time, the high growth potential of private business and the real sector remains. Kazakhstan has a foundation for long-term development: there are institutional reforms, gradual economic diversification, and the growing role of private capital. In such conditions, banks that operate in a disciplined, transparent, and strategic manner are especially important. It is precisely such financial institutions that become the backbone of economic growth.

- What does your appointment as an independent director of Bank RBK, the bank that is in the top 8 largest bank of Kazakhstan, mean to you?

- I always felt a special connection with Kazakhstan and I worked with several of the members of Bank RBK, including its Chairperson, during my time at ABN AMRO Bank in Kazakhstan. Having said that, my role as an independent director is not about the operational management of the bank, as this is first and foremost a responsibility for the management to shareholders, clients, and the market. My role is to help and advise the Board of Directors maintain focus on strategy, risks, and transparency, and thereby strengthen long-term sustainability. And to ensure that all other stakeholders, including clients and shareholders, keep reaping the rewards of the long-term developments of the bank.

- You have extensive international experience - EBRD, FMO, ABN AMRO. What experience do you think would be of use the most in Kazakhstan?

- There are three important things. First – risk culture: having a clearly defined risk appetite, discipline in lending, and transparent decision-making. Second – capital and liquidity as the foundation of trust. And third – the quality of corporate governance: while the Board of Directors does not replace management it can help and advise on setting standards, monitors their implementation, and looking at the bank with a long-term view and seeing the big(see) picture. In this regard I believe that my hands-on experience at the EBRD and ABN AMRO hands-on in Kazakhstan will be beneficial.

- For readers who don't know you: what is the main part of your experience that will be useful to Bank RBK?

- There are two things to consider. First – international practice of corporate governance and risk oversight: how the Board of Directors sets standards and monitors their implementation. Second – work experience with different economies and business environments, where the sustainability of a bank is directly linked to lending quality and transparency. I would like to add here that I also believe that I will be complimentary to the existing members of the Board of Directors under the leadership of Bolat Zhamishev, a person with the highest integrity and who I got to know briefly when he was Minister of Finance.

- Chairperson of the Management Board of Bank RBK Natalya Akentyeva previously noted that the bank is not considering a sale and is focused on sustainable development. How do you assess this position?

- It is precisely long-term sustainability that creates long-term and real value of a bank. Quick decisions sometimes look attractive, but they rarely improve the trust of clients, investors, and regulators.

I have known the bank’s management for a long time – we worked together successfully during the ABN AMRO period in Kazakhstan. Therefore, I am familiar with their management approaches, decision-making discipline, and strategic thinking. This is a professional team with a clear understanding of development priorities.

If a bank has a strong team and a clear strategy, the Board of Directors should support a course toward organic growth – with a balance between development, efficiency, and risks.

- You often emphasize the role of management. Why is this a key factor?

- Because strategy lives in execution. The Board of Directors sets the framework – risk appetite, management standards, transparency requirements – but it is management that transforms this into processes, products, and daily decisions. The proper division of roles looks like this: the Board – strategy and oversight, management – execution and results. When this boundary is clear, the bank will continue to be successful in the longer-term. Speaking of the achievements of the current top management team, a number of indicators can be cited. Since 2018, when the bank’s management team changed, assets have grown 5-fold, the loan portfolio has increased 6-fold, and capital has risen 4.6 times. Net profit for 2025 amounted to 64 billion tenge compared to a loss of 172 billion tenge at the end of 2017.

- Bank RBK is often considered a strong market player when it comes to lending to legal entities and real sector? Would you say it’s justified?

- Yes, indeed, the bank maintains a strong position in the real sector, the private sector, evidenced by some remarkable success stories of our clients. At Bank RBK, loans to private sector legal entities account for 52% of the total loan portfolio. At the same time, the quality of the bank’s loan portfolio is good, with NPLs accounting for a very decent 3.4%.

- In your opinion, what areas are important to maintain and which ones could use some improvement?

- I see several priorities. Firstly, it’s industry focus and depth of expertise: it’s better to deliver less but maintain better quality instead of chasing growth at any cost. Secondly, risk management standards: in corporate lending, portfolio quality is everything. And thirdly, the service and speed for business: digital solutions, predictable processes, clear deadlines.

- In addition, has the bank fully repaid the government aid it received during the sector’s recovery period?

- The repayment of 247 billion tenge 7 years ahead of schedule is an important milestone and a hugely positive signal made possible by the combined efforts of senior management and other stakeholders. It also shows how confident all relevant stakeholders are in a successful and stand-alone future. And it kind of signals that the bank has moved from a recovery-mode to a more normal competitive model, relying on its own sustainability and transparent management standards.

- What changes in the bank in recent years do you consider most significant?

- From the outside, people usually see digital products, but internally the foundation is the quality of management and risks. At Bank RBK, as far as I can see from the materials and discussions with the team, corporate governance, risk oversight, and operational discipline have been strengthened. I would separately note the development of services for business and corporate clients – this is one of the most competitive market segments. As a result, as of January 1, 2026, among commercial banks, Bank RBK ranks 6th by loan portfolio size, 7th by capital, and 8th by assets.

- How do you see Bank’s strategic priorities for the coming year?

- It is a bit too early for me to answer this precisely but I believe priorities should include: sustainability and portfolio quality, growth of our client portfolio as a result of continued innovation and value-added products, especially for businesses and entrepreneurs, keeping an acceptable cost-to-income ratio (ie continue the road towards becoming an even more efficient organization), as well as further improving the efficiency and technological advancement of processes. The Board of Directors helps maintain the balance: to keep developing, without losing risk appetite discipline. This is what makes independent directors so valuable – an external perspective, verification of assumptions, and control of standards.

- What would you like to say to clients and the market in connection with your appointment?

- My main principle is simple: trust is more valuable than speed. In the country I grew up, the Netherlands, there is a saying that roughly translates as: “trust comes by foot and goes by horse”, meaning it cost a lot of time to build up trust but it can quickly disappear. RBK therefore needs to continue to remain transparent, having strong capital and liquidity ratios and be client-oriented.

I firmly believe in Bank RBK’s strategy and in the sustainability of the chosen development course. I am convinced that by maintaining discipline, quality of management, and focus on the real sector, the bank will further strengthen its position.

I expect myself to contribute to Bank RBK’s trajectory of strengthening its reputation as a reliable partner for Kazakhstan’s economy.

I also believe in the potential of the financial market and Kazakhstan’s economy as a whole – the country has a foundation for long-term growth, and the role of strong, responsible banks is critical as they are the backbone of the economy.