BTA Ipoteka to develop its business in Russia, Kirgizia and Ukraine

/INTERFAX-KAZAKHSTAN, Almaty, October 20, 04/ - BTA Ipoteka (subsidiary company of bank TuranAlem) plans to start in the nearest future giving mortgage loans in CIS countries, in particular, Russia, Kirgizia and Ukraine. "At present BTA Ipoteka examines the question about coming to near foreign countries' markets in the nearest future, in particular, Russia, Kirgizia and Ukraine", - said managing director of BTA Ipoteka on crediting Viktoria Sarzhevskaya at the press-conference on Tuesday in Almaty. As she says, at present the company "very thoroughly and seriously examines" the question about the possible beginning to give mortgage loans since the next year in Omsk by opening a representatives there or by buying a shareholding in one of their banks. Sarzhevskaya does not exclude that in 2005 BTA Ipoteka "will be able to give" $20 m. of mortgage loans to people of Omsk. She thinks that at present mortgage crediting in Russia unlike Kazakhstan "has not been developed enough - in the context of legislation and information distribution among people". As regards business development of BTA Ipoteka at domestic market, Sarzhevskaya says in the nearest future the company intends to expand its presence in several regions of Kazakhstan having come to five cities: Jeskazgan, Kyzylorda, Taraz, Kokshetau and Taldykorgan. At present the company acts in 12 regions of the country, she says. As Sarzhevskaya says in 2005 the company plans to give $200 m. of mortgage loans in Kazakhstan, 35-40% of which will be given in Almaty. According to her data, at present company's portfolio is equal to KZT17.1 bn. (current rate is 132.8/$1) that is 27% of total volume of mortgage crediting of the country's all financial institutions. She has noted that summarizing results of 2004 the company intends to increase the volume of mortgage crediting by 40%. [2004-10-20]