Kazkommertsbank (Kazakhstan) continues hypothecary loans refunding program at the expense of own resources
22.09.09 17:11
/KASE, September 22, 09/ - Kazkommertsbank (Almaty), the listed company of
Kazakhstan Stock Exchange (KASE), provided to KASE the following press
release:
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Kazkommertsbank allocated KZT2.4 bn ($15.9 m) from own resources to
continue hypothecary loans refunding based on NWF Samruk-Kazyna terms. The
bank intends to increase the interest rate for 400 borrowers, who was behind the
time of hypothecary loans refunding within the government program.
Samruk-Kazyna hypothecary loans refunding program goal is to decrease the
global crisis impact and tenge devaluation on borrowers. Due to successful
drawing by Kazkommertsbank of government funds in the size of KZT24 bn 5921
borrowers, including 1491 social and budget sectors employees reduced
hypothecary loans cost as rates were decreased to 9% for government workers
and 11% - for others.
Continuing hypothecary loans refunding already at the expense of own resources
Kazkommertsbank plans to refund not less than 400 borrowers, left behind
within the program of Samruk-Kazyna.
Adil Batyrbekov, Kazkommertsbank Managing Director:
"We are satisfied with the government program results, which had a
positive effect for our clients, banks and the economy. We received more
application than we could satisfy at the expense of Samruk-Kazyna funds,
therefore we decided to continue refunding of those borrowers, who meet
the government program basic criteria, but at the expense of our own
funds. Decreased interest rates will help our clients to continue serving
loans in Kazkommertsbank.
At present the bank considers a possibility for launching the new hypothecary
loans refunding program till the end of this year based on own terms.
For contacts:
Aliya Nursipatova, Investor Relations
Tel.: +7 (727) 258-51-25, e-mail: investor_relations@kkb.kz
Larissa Kokovinets, PR Department
Tel.: +7 (727) 258-54-56, e-mail: pr@kkb.kz
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[2009-09-22]