Kazkommertsbank to get $20 mln syndicated loan

/IRBIS, June 2, 00/ - REUTERS informs, with the reference to managing director of the bank, Oleg Konenko, that the biggest private bank in Kazakhstan - Kazkommertsbank - paid back two expensive loans and received $20 mln syndicated loan for six months. He said that this loan was part of a program aimed at making the funds on international capital markets cheap. The syndicate consisted of Citibank, Americаn Express, Commerzbank AG, ABN AMRO Bank, ING Bank, Raiffeisen Zentralbank Osterreich AG, Mashreq bank PCS. The managing director said the bank got this loan on more favorable terms (LIBOR + 4%) compared with previous loans received immediately after the Russian crisis, and thus, it had to pay higher price on those in order to remain on the market. It is said that the bank has paid back one of syndicated loans for $20 mln received from this group of bank in November of 1999, as well as the first tranche of $40 loan from EBRD. It was decided to pay back those expensive loans received under unfavorable conditions after the Russian crisis, since their costs are not appropriate under current situation, said Kononenko. Managing director added that the bank had rejected the second tranche of EBRD loan, which was to be received this year. It is expected that the bank will sign new agreements with EBRD in early July. Kazkommertsbank is to expand the syndicate to receive more bigger loan in six months if the market proves to be stable, since bigger transaction is in our interests, he added. Shareholders' equity of Kazkommertsbank is valued at KZT12.8 bln ($89.9 mln), authorized capital is KZT2.942 bln ($20.6 mln). Net income of the bank is said to grow up to KZT1.155 bln in the first quarter of this year compared to KZT0.476 bln of similar period of 1999.