/IRBIS, June 01, 01/ - The public relations department of KAZKOMMERTSBANK OJSC (Almaty) released information on extension of syndicated loan with the Syndicate of banks. Kazkommertsbank exercised its option under a Term Loan agreement entered into in December 2000, to roll-over for a further 6 months the facility. The amount of the term loan, which has been provided by a syndicate of international banks, was also increased from $41 million to $62 million.

ABN AMRO Bank N.V. served as the Agent for the facility, and it was arranged by syndicate of banks, including, ABN AMRO Bank Kazakhstan, American Express GmbH, ING Bank N.V., Standard Bank London Limited, Citibank Kazakhstan, Commerzbank AG, Bank Bruxelles Lambert S.A., Dresdner Bank AG, HSBC Bank Kazakstan, London Forfaiting Cyprus Limited, MashreqBank PSC, Raiffeisen ZentralBank, and Israel Discount Bank of New York.

The group of other Lenders participating in the syndicate included, Cooperatieve Centrale Raiffeissen-Boerenleenbank B.A., Bankgesellschaft Berlin AG, BHF Bank, Credit Suisse First Boston, J.P. Morgan Chase & Co., Natexis Banque Populaires, and The Bank of New York.

The purpose of the Term Loan is for the financing of trade operations of Kazkommertsbank's clients.

From its first syndicated loan of US$ 30 million in July 1997 through to the repayment of its US$100 million Eurobond issue earlier this year, Kazkommertsbank has proven itself to be a reliable and reputable borrower, with a track record of timely repayment of its obligations.

This Term Loan represents a new benchmark for Kazkommertsbank's international borrowings, as the largest syndication in the Bank's history. This success could not be achieved without the willingness of international banks to appreciate the positive developments taking place at Kazkommertsbank and within Kazakhstan generally. Kazkommertsbank views the loyalty of Western lenders as confirmation of the Bank's growing position in the international capital markets, and its reputation as one of the largest and soundest borrowers in Kazakhstan.