EBRD and DEG may become Bank TuranAlem OJSC (Kazakhstan) shareholders in June

/IRBIS, June 15, 01/ - REUTERS informs, with the reference to the PR department of Bank TuranAlem OJSC, that the bank plans to sign an agreement with EBRD and German Investment and Development Company DEG to admit them to the shareholders of the bank. Total stake of these two institutions is expected to range from 24 to 34%. It is said that the chairman of the bank, Erjan Tatishev, had already discussed the details of the agreement with EBRD president, Jean Lemier and vice-president of DEG, Andreas Zaisler. In 2000 Bank TuranAlem OJSC implemented projects with the EBRD participation for more than $30m, with the funds used in investment support, small and mid-sized business support, trade financing and completion of the construction of Samal Towers in Almaty. Last year the bank had also signed a EUR10m agreement with DEG to finance its credit programs. Bank TuranAlem was established in 1997 as a result of a merger between Alem bank and Turan bank. Initially owned 100% stake was sold by the government at private tender in 1998 to a consortium of private Kazakhstani companies. The most noticeable shareholders of the bank are: Yassy company, Semipalatinsk flour-forage plant - at 17.41% each, cotton company Makta- Aral - 13.08%. The Kazakhstan Stock Exchange informs that net income of Bank TuranAlem OJSC reached KZT2.149bn in 2000, up from KZT0.758bn in 1999, and paid authorized capital at KZT12.870bn as of early 2001, and shareholders' equity - KZT10.892bn.