In 2002 Bank TuranAlem OJSC plans the first issue of chip cards Visa

/Kazakhstan today, Feb 28, 02/ - In 2001 Bank TuranAlem OJSC will hold the first issue if chip cards Visa of EMV standard (Europay-MasterCard-Visa) in the amount of 5 th. units, was informed in the bank. Currently a certificate for the issue of chip cards in Kazakhstan was given to two Kazakhstan banks - TutanAlem bank and Kazkommertsbank. Kazkommertsbank held the first transaction with chip cards in the republic in the end of last year. On February 27,2002 TuranAlem bank held its first chip transaction. According to the manager on development of new products Visa international Mary Silliers, chip technologies allow expand supply on payment cards servicing and also provide higher level of protection in comparison with magnet cards. According to the bank's information, by the beginning of 2002 TuranAlem bank had issued more than 200 th. payment cards with magnet type. As it was informed earlier, at the beginning of February of current year banks-members of electron payment system Visa international in Kazakhstan issued 1 millionth card. The first magnet card Visa was issued in the republic in 1996 by Alembank - now Bank TuranAlem. Number of trade and servicing enterprises that are served through Visa cards by the end of 2001 had risen up to 3.3 th. and total amount of transactions had totaled 8.3m. Turnover on results of 2001 on cards totaled $590m. A number of Kazakhstan banks-members of Visa increased in 2002 from 3 in 1996 (Kazkommertsbank, Halyk Bank and Bank TuranAlem) up to 14. Bank TuranAlem is one of three Kazakhstan banks forming a system. Regional network of the bank consists of 23 subsidiaries and 245 settlement divisions. Based on data as of January 2002 about 25% of private deposits of the republic, more than 30% of emigrated to Kazakhstan international plastic cards, about 20% of share of population crediting have been concentrated in Bank TuranAlem. At the end of last year Bank TuranAlem sold 25% of its own privileged shares to five large foreign investors: European Bank for Reconstruction and Development (EBRD), International Financial Corporation (IFC), Raiffeisen Bank (RZB), investment company of Germany DEG and Holland bank of development FMO. Along with international shareholders, 21% of bank's shares belong to large Kazakhstan company Astana-Holding, domestic pension funds - 7%, others - 47%. As of December 2001 own capital of the bank exceeded $146.5m, at that authorized capital - $110m. Volume of assets as of December 2001 exceeded $1bn.