Bank TuranAlem OJSC expects $20m in profits for 2001

/IRBIS, June 22, 01/ - According to REUTERS, Kazakhstan private bank, TuranAlem, sees its net profit figure for 2001 around $20.0m compared to $6.5m in 2000. The chairman of the Board of Bank TuranAlem OJSC (Almaty), Tatishev E.N. reported that the bank would attract new shareholders during next two months. Among five international institutions to be come shareholder is European Bank for Reconstruction and Development (EBRD). The bank plans to hold emission of shares for a total of $28.0m. The new shares will be distributed among international shareholders in equivalent of 24% of emission. After distribution of shares and capitalization, the bank's equity capital will be increased up to $150m from $110m of current figure. In late June the bank will float emission of three-year eurobonds for $100m. The main part of raised funds will be directed to the real sector through credits to 26 most reliable borrowers. The bank, which is currently taking second position in the banking system after Kazkommertsbank, has ambiguous plans to seize 25-30% of the domestic banking market by end of 2001. The bank relies solely on own resources and will not participate in tender over 33.3% stake in Halyk Bank. TuranAlem was created in 1997 by merger between Alembank and Turanbank. The main shareholders are represented by companies from industrial, agriculture and trade sectors.