Kazkommertsbank (Kazakhstan) to launch own mortgage refinance program

/KASE, August 18, 09/ - Kazkommertsbank (Almaty), a company listed on Kazakhstan Stock Exchange (KASE), provided KASE with a press release: Quotation beginning Kazkommertsbank has implemented the mortgage loan refinance program run by National wellbeing fund Samruk-Kazyna and is intending to launch its own mortgage softening program. As on August 13, all KZT24 bn, allocated to Kazkommertsbank through the Samruk-Kazyna fund was disbursed. 5,921 loaners decreased interest rates on mortgage loans, including 1,491 social and budget workers, mortgage of which was refinanced at 9 % APR. On the whole the loans depreciated 15 %. - We are grateful to the government for the assistance. The steps taken helped borrowers and banks. The mortgage loan refinance program proved to be very effective: credit portfolio quality improved, many mortgage loan borrowers managed to substantially decrease its payments, - Chairman of Kazkommertsbank Nina Zhussupova said. During the time of implementation of the program the bank received 8,506 requests, of which 6,399 for a total of KZT26.439 bn were approved. For more effective work and convenience of bank borrowers the bank extended work time of credit units, engaged more personnel, tested technologies of receipt and consideration of requests. These now allows the bank for launching its own mortgage softening program. - We see demand for refinancing is exceeding allocated funds; this is why, we consider options for further work in this area, - Ms Zhussupova said. According to results of implementation of the state program the biggest number of refinanced loans is in Astana - 934 borrowers with over KZT4.943 bn volume. Almaty - 596 loans with KZT4.831 bn volume. Contact: Larissa Kokovinets, head of Public Relations Tel.: +7 (727) 258-54-56, E-mail: pr@kkb.kz Quotation end [2009-08-18]