Bank TuranAlem plans to raise $150 mln in year 2000

22.02.00 00:00
/IRBIS, Feb.22, 00/ - REUTERS informs, with the reference to the chairman of the bank Erjan Tatishev, that Kazakhstani bank TuranAlem plans to raise more than $150 mln this year, including about $100 mln by going into international market of capitals. The chairman said several programs for raising $100 mln were under the development, including the one for the next more than $20 mln syndicated loan. Last year the bank received $13 mln syndicated loan to finance cotton fiber exports. It is expected that $50 mln would be drawn from internal resources, including deposits of the population. He said volumes of deposits had risen by $40 mln, at $70 mln now. Tatishev also informed that the bank kept monitoring the eurobond market where the yields of sovereign eurobonds that were placed by Kazakhstan last year for $300 mln are decreasing now. It is said the bank would launch $100 mln for three years if the situation becomes favorable. The chairman told the bank was attracting mid term loans from international organizations such as EBRD, Islamic development bank, Asian development bank and others. "More than $15 mln loan program is planned with European bank for reconstruction and development, as well as many other projects to finance middle and small businesses and microloans", said Tatishev. As of December 31, 1999 the loan portfolio of the bank exceeded KZT26 bln, or 59% of total assets of the bank.