Kazakh Temirbank has bought 46% of shares of Kirgiz Ineximbank

/REUTERS, Bishkek, Olga Dzyubenko, June 6, 03/ - One of the largest Kazakhstan banks Temirbank OJSC has bought 46% of shares of one of large Kirgiz banks - Ineximbank CJSC, about 25% of whose shares European bank of reconstruction and development (EBRD) is going to buy this summer. Chairman of Temirbank Oleg Kononenko informed about it at the press- conference in Bishkek on Thursday. Kononenko and chairman of Ineximbank Marat Kunakunov have signed necessary agreement, however sum of the deal has been proclaimed the commercial secret and is not disclosed. "Temirbank has bought 46% of shares of additional issue. We put live money into capital and our partners (EBRD) will do the same. We have given resources and they went to Kirgizia's economy", - Kononenko said to journalists. Ineximbank, acquiring partners in the person of EBRD and Temirbank, plans to decrease interest rates on credits in the future and will go on crediting small and medium business, which is actively growing in the republic, Kunakunov said to Reuters after the press-conference. "Economy is not standing, it's growing. May be it's not seen, because it does not concern large enterprises, it concerns small business - from bus drivers to tailor's plants", - Kunakunov said. He informed that authorized capital of Ineximbank after coming of Temirbank would be increased up to 230 m. som (over $5.5 m.) from 100 m. som (about $2.38 m.). "Temirbank will start transferring capital since the next week", - Kunakunov added. According to Ineximbank's data, the bank's net profit in 2002 rose to 1.57 m. som from 17,000 som in 2001. Assets in 2002 rose to 376.27 m. som or by 99.4%, from 188.72 m. som in 2001. According to the data of one representative of Kazakhstan Temirbank's, who was present at the press-conference, the bank's authorized capital is about $17 m., assets - about $150 m. Profit in 2002 decreased a bit in comparison with 2001 and equaled a bit less then to $5 m. ($1 = 42.0373 som) [2003-06-06]