Raiffeisen to launch bank in Kazakhstan

/REUTERS, Vienna, Boris Groendahl, translated by Yuliya Zaslavskaya, July 16, 2008/ - Austrian bank Raiffeisen International was preparing to start a new banking business in Kazakhstan next year; Raiffeisen has been looking at takeover targets in oil-rich Kazakhstan for more than a year. "Owing to economy potential and stable politic situation, Kazakhstan - is attractive market - is said in the announcement of bank's head Gherbert Stepik. - We examine this market during long time and think that now is a favor time to make a step". Raiffeisen and other international banks hoped to purchase assets in Kazakhstan, though country's banks badly suffered from world liquidity crisis, which started last year. However prices of possible targets were too high, Stepik said. He didn't precise the banks and how far negotiations had come. Raiffeisen representative said that "main aim" of the bank is launching of new company, but he will continue examining purchase possibilities. In 2006 Raiffeisen sold 7.7% stake in Kazakh bank TuranAlem, as he didn't see possibilities to increase its stake in it. Also since 2005 Austrian bank possesses leasing business in Kazakhstan. [2008-07-16]