Bank TuranAlem (Kazakhstan) has finished the sale of 25% of shares to foreigners

/Almaty bureau REUTERS, Dec 10, 01/ - The second on assets size bank of Kazakhstan TuranAlem has finished the deal on the sale of 25 percent of shares to foreign financial institutions, the press service of the bank informed. In the result of floatation of sixth issue shares among five largest western investment institutions, the bank increased capital by $29 million. But the end of November, according to words of bank representative, all means from shares floatation about which sides agreed in October of 2001, were received to bank accounts. According to TuranAlem data, as of December 1,2001 own equity of the bank exceeded $146.5 million, and assets reached $1 billion. The buyers of Kazakhstan's bank shares were European bank for reconstruction and development (EBRD), International financial corporation (IFC), Raiffeisen bank, investment company of Germany DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH) and Holland bank of development FMO (Nederlandse Financierings-Maatchappij Voor Ontwikkelingslanden). Details of the deal, organizer of which was IFC, will be announced on December 14 in Almaty.