Kazkommertsbank (Kazakhstan) launches mortgage loans refinance program

/KASE, March 3, 09/ - Kazkommertsbank (Almaty), a company listed on Kazakhstan Stock Exchange (KASE), provided KASE with a press release of March 2, 2009 of the following content: Quotation beginning Kazkommertsbank in accordance with resolution No. 6 of the Kazakhstan Government dated January 13, 2009 started to consider applications of its borrowers in regard of refinancing of mortgage loans. Board chairman Nina Zhusupova, managing directors Adyl Batyrbekov and Andrey Timchenco announced thereof at a press conference today. According to agreements between Kazkommertsbank and National wellbeing fund Samruk-Kazyna, mortgage loans will be refinanced cutting interest rate down to 9 % or 11 % APR, affording opportunity to change loan currency from USD to KZT. 9 % APR interest rate is set for state officials, and other employees of state institutions and enterprises. For the rest of borrowers interest rate will equal to 11 % APR. Borrowers and credits must comply with the following requirements: a borrower must be a Kazakhstan resident, residential real estate, for acquisition of which the loan had been taken (or a share participation agreement had been entered into) and which is collateral on the credit, shall not exceed 120 square meter area and is the only residential real estate for a borrower their spouse and infant children. There must be no delays in payment for the credit as on the date of submission of the refinance application. The bank reserves the right to refuse a borrower without indication of reasons. Kazkommertsbank managing director Adyl Batyrbekov commented: "We did much work jointly with Fund Samruk-Kazyna to make loans cheaper and expand crediting. The state is first intending to help needy and lawful citizens". Details on the mortgage loan refinance program are available at any bank unit or via a Call-Center by phone +7 (727) 258-54-44. As said, Kazkommertsbank was elected by the Kazakhstan Government as a main partner in implementation of measures on financial support of domestic economy amidst the global financial crisis. On January 13, 2009 the Kazakhstan Government, Kazakhstan National Bank and the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations approved the Joint Actions Plan for 2009-2010, and on January 15, 2009 National wellbeing fund Samruk-Kazyna and the bank and its shareholders signed a block of documents specifying joint actions within the stabilization program. Contact: Saule Eleuva, Mortgage Crediting Tel.: +7 (727) 258-51-70, E-mail: SEleuova@kkb.kz Larissa Kokovits, Head of Public Relations Tel.: +7 (727) 258-54-56, 258-53-92, E-mail: pr@kkb.kz Quotation end [2009-03-03]