EBRD buys 15% of common shares of Kazkommertsbank for $30.6 m

/REUTERS, Almaty, Oljas Auezov, June 6, 03/ - European bank of reconstruction and development buys 15% of common voting shares of the largest in Kazakhstan private bank - Kazkommertsbank that will be the first direct investing of EBRD into capital of credit organization in this country. According to the agreement about purchase, which was signed late in the evening on Friday, EBRD will pay $30.6 m. for 15.00% of common voting shares or 12.92% of total number of shares. "These are investments into capital. We are not forever here, we're here in order to held the bank to grow... One day other investors will come and we, as usually, will leave", - EBRD's president Jean Lemierre said at the press-conference in Alma-Ata after signing of the agreement. According to Kazkommertsbank's data, EBRD buys voting shares of a bank in CIS for the first time. In the future Kazkommertsbank, whose Global depositary receipts (GDR) have passed listing at exchanges of London, Frankfurt, Berlin and Istanbul, wants to come to New0York stock exchange. "We have full listing at London stock exchange. Sure, it would be good to come to New-York exchange. We're working over it", - managing director of Kazkommertsbank Eldar Abdrazakov said at the press-conference. Requirements to the issuers at stock exchange in New-York are traditionally higher than at other trade floors of the West. After selling of 15% of voting shares to EBRD the control packet of the Kazakhstan bank will remain in its management's hands. Kazkommertsbank's assets as of June 1 of 2003 were equal to about $2.5 bn., shareholders equity - $234.7 m. EBRD owns a small packet of privileged shares of the second largest Kazakhstan bank - TuranAlem, and also actively works with other banks of the country on projects of small business and agriculture crediting. Total sum of EBRD's investments into Kazakhstan - largest object of the bank's investments in Central Asia - since 1991 equaled almost to $1 m. [2003-06-06]