Astana-Finance intends to open two insurance companies in May of the current year

/INTERFAX-KAZAKHSTAN, Astana, March 14, 08/ - Astana-Finance JSC intends to open two insurance companies in May of the current year, informed the Chairman of the company's Board, Aleksandr Savchuk. "We open two insurance companies in Kazakhstan. We have already received the official permission and expect that in the middle of May, two insurance companies will start their operations. These will be the life- insurance company and a company in the non-life sector", - he announced on the press conference in Astana. He has also reminded that at present, Astana-Finance works on the project of creating its own bank. "We expect that starting from the second half-year, we will launch 100%-subsiary bank of Astana-Finance", - A. Savchuk said. Concerning the activity of daughter Alpha-bank-Bashkortostan, he noted that "Russian bank has already doubled the assets not only due to the head company but also by working actively on the retail market". As it was announced, in April 2007 Astana-Finance completed the deal of acquisition of 99.4% of shares of Alpha-bank-Bashkortostan (daughter structure of Alpha bank). Astana-Finance offers long-term project financing and also leasing and mortgage services, mainly, in Astana and surrounding Akmola region. Furthermore, the company renders different investment and banking services, and also develops business outside of its activities' region. 25.5% of shares of Astana-Finance JSC belong to the administration of the capital city of Kazakhstan, however, in the first quarter of the current year it is expected to be transferred to the state fund Kazyna. [2008-03-14]