LG Electronics Kazakhstan bought shares of BANK CASPIAN OJSC (Kazakhstan)

/IRBIS, Apr 24, 02/ - On April 24, 2002 a press-conference was held at the office of BANK CASPIAN OJSC (Almaty) devoted to signing an agreement on purchasing shares of BANK CASPIAN OJSC by LG Electronics Kazakhstan. As a result of this purchase-sale agreement, LG Electronics Kazakhstan becomes a shareholder of BANK CASPIAN OJSC. "Such investment into financial sector of Kazakhstan made by major company with world wide know name proves the successes of the banking system of Kazakhstan, as one of the locomotives of the growth of the economy of Kazakhstan", is said. The bank informs that this deal is not the sale of controlling or significant stake of shares, but it demonstrates the trust and support of the major transnational companies working in Kazakhstan. "Increase in shareholders' equity by KZT152.3m by floating shares gives another stimulus into the development of the bank and improvement of the banking servicing of the clients", is said. The bank did not give the changes in stakes of its major shareholders after this deal. BANK CASPIAN OJSC with its shareholders' equity of over KZT1.8bn, is one of the major universal banks of Kazakhstan. Now, it has a wide branch network consisting of 17 branches, 52 settlement centers and 41 exchange points throughout Kazakhstan, and offers over 100 types of services. As of Jan 1, 02 it had 797 employees, including 313 at head office in Almaty. In December 2001 international rating agency Fitch Inc confirmed long-term credit rating of the bank given in June 1999 at "B" level. By the resolution of the Board of the National Bank of Kazakhstan, dated December 20, 2001, BANK CASPIAN OJSC is regarded as the bank that met the requirements of switching to international standards accepted by the National Bank. By the data of the BANK CASPIAN OJSC, net profit in 2001 equaled KZT320m, or 5 times more than in 2000. Equity reached KZT1.6bn of 34.1% increase against 2000. Assets increased by 68% at over KZT15bn on Jan 1, 02, liabilities grew by 73% at KZT13.4bn. Income of reporting period increased by 80% to KZT2.9bn, expenses - by 67% to almost KZT2.6bn. [2002-04-24]