Bank CenterCredit JSC (Kazakhstan) and National Innovation Fund JSC have signed memorandum about collaboration

/IRBIS, Natalya Kuznetsova, November 04, 04/ - Bank CenterCredit JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread press-release, which says that bank has concluded memorandum about collaboration with National Innovation Fund JSC. Information says that joint activity of the fund and the bank will assist to establishment of venture fund and financing of projects in various fields of economy, directed to creation of new technologies, works and services. Managing Director of Bank CenterCredit JSC Yermakhanov Yerlan marked that owing to concluded memorandum, the bank has opportunity to render assistance to realization of advanced technological and science intensive projects by giving long term and cheap credit resources. Bank assets by results of III quarter of 2004 exceeded USD1 bn. From the beginning of 2004 bank assets increased by more than 70%, and in comparison from October 01, 2003 - by 88%. Net profit of the bank for the III quarter of 2004 increased in comparison with similar period of 2003 in 2.7 times and came to KZT1.8 bn. Shareholder's equity increased during 2004 by 40% and became as on October 01, 2004 KZT15 bn. Bank CenterCredit JSC is one of five largest banks of Kazakhstan. As on October 01, 2004 bank has 19 branches and 97 cash settlement divisions within all the territory of Kazakhstan. From the beginning of the year 14 new cash settlement divisions have been opened. Bank has long term rating on bank deposits in foreign currency Ba1 from Moody's Investors Service rating agency and "В+" from Fitch Ratings. [2004-11-04]