Brief characteristics of OJSC "Komirbank" (Kazakhstan, it is given due to the Exchange auction for additional placement of the bonds)

/IRBIS, Feb.15, 00/ - OJSC "Komirbank" (Ekibastuz, KZ2CCAEQCA00, KASE official list of securities, category "A", trade code KOMBb) started in 1992 as Joint stock commercial bank "Ugol'bank", which was transformed and reregistered into OJSC "Komirbank" in August of 1996. In August of 1999 at extraordinary general meeting of the bank shareholders a decision was made to voluntarily reorganization of the bank by merging with OJSC "Latur Alliance Bank" (Almaty). The merger took place in November of 1999 and was finished by December 1, 1999 as it is said in financial statements of OJSC "Komirbank". By the classification of the National Bank of Kazakhstan OJSC "Komirbank" was placed among the first group of the banks in achieving international standards. It has the license of the National Bank #77 to conduct banking operations in tenges and foreign currencies, dated September 20, 1999. By late 1999 the bank had 5 branches in Almaty, Pavlodar, Shymkent, Petropavlovsk and in Shiderty community in Pavlodar region. Another branch is planned in Astana. The bank has opened correspondent accounts in Kazakhstani OJSC "Demir Kazakhstan Bank" and OJSC "Temirbank", in Russian "Flora-Moscow", "Uraltransbank", "Moscow-Center", "Mashbank", in Kyrgyz "Kyrgyzenergobank", also in "Bank of New York" (USA), "Deutsche Bank" (Great Britain), "International Nederlander Bank" (Holland). At the beginning of current year (data presented based on financial statements submitted in accordance with the National Bank of Kazakhstan requirements) authorized paid capital of OJSC "Komirbank" is KZT1.5 bln, shareholders' equity - KZT1,559.5 mln. The bank assets are estimated at KZT7,118.0 mln, liquid assets - KZT956.2 mln. Loan portfolio is KZT2,094.5 mln. Loans and deposits - KZT1,813.0 mln. Income from operating activities reached KZT698.8 mln in 1999, net income - KZT26.2 mln. Based on auditing report made by "Arthur Andersen", financial statements of OJSC "Komirbank" give true and objective picture of the bank's financial situation as of December 31, 1998 and December 31, 1997 in all essential aspects, and also of income statements and cash flow statements as of indicated dates in accordance with IAS standards.