Bank CenterCredit JSC (Kazakhstan) borrows syndicated loan for $45 m.

/IRBIS, Ranida Gabdeyeva, June 3, 04/ - Bank CenterCredit JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread press-release about bank's borrowing a syndicated loan for USD45 m. for financing of export-import contracts of the bank's clients. Agreement about the receipt of the syndicated loan was signed on June 23 of this year between Bank Center Credit JSC and the syndicate of international commercial banks, the staff of which comprises Citibank, American Express Bank, Demir-Halk Bank (Nederland), Mashreqbank, Raiffeisen Zentralbank Osterreich, Union Bank of California, Wachovia Bank, Sumitomo Mitsui Banking Corporation Europe. According to the bank's information, Deutsche Bank AG London and ING Bank N.V. acted as the major organizers of the syndicated borrowing. The message says that a total of 21 foreign banks participate in the borrowing, many of them are new investors in the history of Bank Center Credit JSC. This borrowing - the fourth syndicated loan in the bank's history - is the biggest by its sum and by the number of participating financial institutions. The loan was borrowed for 12 months with the option for prolongation for the following 12 months at the rate of LIBOR + 2.40%. The bank also reminds that previous syndicated loan for $36 m. it borrowed in November of 2003 with 1-year maturity term with the option of one-time prolongation for one more year. Rate on the borrowed loan was six-month LIBOR+2.55%. In addition Bank Center Credit JSC has informed that according to results of the first quarter of 2004 the bank's net income grew 3.6 times in comparison with similar period of 2003 to KZT566 m. In the first quarter the bank also had the highest return on assets ROA and assets growth rates among ten biggest Kazakhstan banks. The bank's assets as of the beginning of April had exceeded KZT95 bn. (grew by 15%), shareholders equity equaled to KZT11.8 bn. (grew by 10.2%). Bank CenterCredit JSC is one of five biggest Kazakhstan banks. As of January 1 of 2004 the bank had 19 branches and 78 cash-settlement offices. Bank CenterCredit JSC has long-term rating on bank deposits in foreign currency "Ва1" assigned by Moody's Investors Service and "В+" assigned by Fitch Ratings. [2004-06-23]