Shareholders of KAZKOMMERTSBANK OJSC has confirmed the new staff of the Board of directors and made decision about bonds issue

/IRBIS, October 29, 03/ - KAZKOMMERTSBANK OJSC (KKB, Almaty), whose securities have been included into Kazakhstan stock exchange's (KASE) official "А" listing category, has spread press-release, which says that KKB's shareholders have included a representative of European Bank for Reconstruction and Development into the Board of directors, which bought 15% of the bank's voting shares in June of the current year (this decision was made at the prescheduled shareholders meeting, which had been held on October 20 of 2003 - note of IRBIS). Mrs. Gale Baisky will represent EBRD in the formed again staff of KKB's Board of directors, where, besides her, Nurzhan Subkhanberdin, Daulet Sembaev, Nina Zhusupova and Askar Alshinbayev were also included, informed the bank. "Participation of EBRD's representative in KKB's Board of directors will positively influence upon improvement of corporate governance, and will also let make big transparency in the bank's activity", - said KKB's Chairman of the Board Nina Zhusupova, commenting on the results of the shareholders meeting, which had been held last week. In her opinion, besides technical and consulting aid in determination of the bank's development strategy, which KKB expects, EBRD's participating as an international shareholder will give additional guarantees to investors and clients concerning financial strength and stability of the bank. The press-release says that shareholders meeting ahead of time stopped authorities of the former staff of the bank's Board of directors consisting of N. Subkhanberdin (Chairman of the Board of directors), D. Sembaev (Deputy Chairman of the Board of directors), E. Gukasov and S. Akhanov. Mr. Alshinbaev, which was elected by shareholders to the new staff of the Board of directors, one day before the shareholders meeting left the post of a member of the bank's Board. At the same time Aidar Akhmetov (KKB's managing director) was elected as a member of KKB's Board. Shareholders have also confirmed the new issue of mid-term, coupon bonds of the bank, which are to be offered at the domestic market in the volume of up to KZT7.5 bn. Bonds may have been issued in the end of the present year of in the beginning of 2004. "Stabilization of the national currency - tenge - relative to dollar at the financial market creates favorable conditions for issue and floatation of a new additional financial instrument at Kazakhstan stock market ", - director of KKB's Treasury Lev Kim thinks. Bonds issue, on one hand, will let improve quality of the bank's liabilities, make additional financing of its clients, on the other hand - satisfy demand of local investors, first of all pension funds and PAMC for tenge instruments. Among additional information KKB gives data about Gale Baisky. According to this information, Gale Baisky is a banker, who specializes in the sphere of international development and who has a big experience in management of groups, which unite representatives of various cultures in Asia and in former Soviet Union's republics. Since 1998 Gale Baisky worked with Chief banker of EBRD in Moscow. At present she advises for countries with developing market economy. In the opinion of EBRD's governing body Mrs. Baisky demonstrates the ability to combine experience of on the micro-level concerning questions of economic and political development on the macro- level. Mrs. Baisky is a doctor of political science, who has master's degree in international relations of Prinston university and bachelor's degree in the sphere of researches of. He speaks Russian, French and knows Canton Chinese. KKB is the largest bank of the Republic of Kazakhstan with assets totaling KZT396 bn ($2,65 bn) and shareholder's equity size KZT43 bn ($245.8 bn). The share of EBRD in shareholders' capital of the bank equals 12.92%. Nearly 29% of bank's shares are circulating at international stock exchange in GDR form. The controlling interest belongs to the management of the bank. By monthly results, revenue of KKB accounted for applying international accounting standards, grew to KZT 6.29 bn ($42 m) compared with revenue of KZT5.08 bn ($33 m) of a corresponding period of the previous year. [2003-10-29]