KAZKOMMERTSBANK OJSC informed about coming out of the staff of shareholders of Kazakhstan DAB "ABN AMRO Bank Kazakhstan" CJSC and PAMC "ABN AMRO Asset Management" CJSC

/IRBIS, June 25, 03/ - Yesterday KAZKOMMERTSBANK OJSC (Almaty, hereinafter KKB) spread press-release about the fact that the bank had come out of the staff of DAB "ABN AMRO Bank Kazakhstan" CJSC (Almaty) and PAMC "ABN AMRO Asset Management" CJSC (Almaty, pension assets management company), having sold to the existing shareholders of the group ABN AMRO 29% of shares of DAB "ABN AMRO Bank Kazakhstan" CJSC and 28% of shares of PAMC "ABN AMRO Asset Management" CJSC. Participation in the capital of DAB "ABN AMRO Bank Kazakhstan" CJSC during 9 years is considered by KKB's management as "one of the most successful investment deal ". According to the bank's information, it was made in 1994 in the period of Kazakhstan banking system formation with the purpose of supporting presence of foreign banking capital in Kazakhstan. "Today this mission has been successfully fulfilled", - chairman of KKB's Board Nina Zhusupova thinks. According to her words, at present KKB has other priorities. In particular, it actively expands its presence at neighboring countries' markets, that's why funds from stakes selling will be spent for financing regional projects. Since the very beginning capital investments into the bank and the PAMC were considered by KKB as profitable portfolio investments, the press- release says. These investments are realized precisely now in accordance with high financial indexes, which are demonstrated by DAB "ABN AMRO Bank Kazakhstan" CJSC and PAMC "ABN AMRO Asset Management" CJSC at present that gives the possibility to get the biggest profit from sale. "Decision about coming out will not influence continuation of long-lasting and mutually profitable collaboration of Kazkommertsbank with the group of companies ABN AMRO", - says the press-release. "We are very grateful for management of ABN AMRO Bank Kazakhstan for professional and successful work, and invaluable experience, which we gained during all these years of cooperation. We hope for continuation of efficient business interrelations in the future", - the press-service quotes words of Mrs. Zhusupova. Ceremony of signing corresponding agreements between the sides, which participate in the deal, took place on Tuesday in Almaty. At the press conference, which was conducted after the ceremony, representatives of two banks noted that the initiative about deal making belonged to both sides. They have not specified sum of the deal, having referred to confidentiality, but noticed, that "the price satisfies both sides". After the deal structure of shareholders of both Dutch daughters changed in the following way. 80% of shares of DAB "ABN AMRO Bank Kazakhstan" CJSC belong to ABN AMRO N.V., 20% of shares, as before, remain in the property of International financial corporation (IFC). Shareholders of PAMC "ABN AMRO Asset Management" CJSC are DAB "ABN AMRO Bank Kazakhstan" CJSC and ABN AMRO N.V., which own correspondingly 72% and 28% of shares. [2003-06-25]