Bank CenterCredit JSC (Kazakhstan) borrows a subordinate loan from DEG

/IRBIS, Natalya Kuznetsova, December 13, 04/ - Bank CenterCredit JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread press-release saying on December 10 of 2004 Chairman of the bank's Board Vladislav Lee signed a subordinate credit agreement with DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH for USD10 m. for 7 years. The message says this subordinate loan will be included in calculation of supplementary capital that, in it turn, will result in growth of the bank's capitalization. It's planned to use the borrowed funds for financing long-term projects of the bank's clients. DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH, is a member of KfW Bankengruppe banking group, it's one of the biggest European institutions on long-term financing of projects and companies. For more than 40 years DEG has been involved into financing and structuring of investments to private companies in developing and emerging markets. At present DEG works with over 1,100 companies. DEG's major objective is foundation and development of the private sector in developing and emerging markets and creation of basis for the stable economic growth. Bank CenterCredit JSC is one of five biggest Kazakhstan banks, it has "Ва2" long-term rating on bank deposits in foreign currency assigned by Moody's Investors Service and "В+" assigned by Fitch Ratings. Bank CenterCredit JSC is one of the biggest private banks in Kazakhstan, as of October 1 of 2004 its assets were over KZT140 bn. [2004-12-13]