/KASE, April 19, 06/ - Press-service of Kazkommertsbank JSC (Almaty) today spread a press-release, saying:

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The daughter company of Kazkommertsbank in Russia - CB Moskommertsbank LLC - plans to found a branch in Kaliningrad this year, because of business expansion in this region. The question about foundation of branch of Kazakhstan "daughter" was discussed during the trip of Zhanseit Tuymebayev, Ambassador Extraordinary and Plenipotentiary of Kazakhstan in Russia to Kaliningrad oblast last week.

Toksan Adekenov, the chairman of the executive committee, who took part in negotiations of the head of Kazakhstan diplomatic mission with Georgiy Boos, the governor, says that the bank has been financing Kaliningrad enterprises for more than two years and today the credit volume exceeds $80 m. With the foundation of the branch, Moskommertsbank plans to start in the oblast the retail crediting programs - mortgage, autocrediting and for consumer needs, also small and medium business financing program.

Moskommertsbank plans to make the volume of small and medium business crediting of Kaliningrad oblast $15 m. in the first quarter of 2007, mortgage - $40 m., autocrediting - $30 m.

"We came to Kaliningrad following our clients. There are no favorable economic conditions for business in the region, and for this reason it is interesting for investors," Mr. Adekenov said.

Currently among the borrowers of Moskommertsbankа in Kaliningrad oblast are: Ellis company, the biggest producer of carpet roll in Russia, Viktoriya retail trade system, Polar television producing plant, MetUpak, one of the biggest can producing plant, and others.

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[2006-04-19]