EBRD and German DEG intend to become Bank TuranAlem OJSC shareholders

/IRBIS, June 19, 01/ - Last week the chairman of the Board of Bank TuranAlem OJSC (Almaty), Tatishev E.N., met with the president of the European Bank for Reconstruction and Development (EBRD), Jean Lemier and vice-president of German Investment Company DEG, Andreas Zaisler. The talks were focused on the discussion of the details of becoming the shareholders of Bank TuranAlem OJSC by these international financial institutions. As expected, their participation in the bank's capital will vary from 24 to 34%. Final terms will be clear after the signing the agreement in this month. The cooperation with EBRD is an important element in the development of the relationship between Bank TuranAlem OJSC and financial institutions. As Bank TuranAlem OJSC informs, total amount of projects implements in 2000 with the participation of EBRD was over $30m. The funds were used to support the investments, small and mid-sized business, trade financing, and finish the construction of Samal Towers business center in Almaty. DEG - is one of the biggest investment companies in Germany, which exists for over 37 years. It finances and supports private sector in developing countries. In December 2000 Bank TuranAlem OJSC signed a convertible subordinated credit agreement with DEG - German Investment and Development Company - amounting 10m for 7 years to be used to finance credit programs of Bank TuranAlem OJSC.