EBRD acquired 25 per cent stake in Ineximbank (the Kyrgyz Republic) for $1.4 million
12.11.03 00:00
/REUTERS, Almaty, Olzhas Auyezov, November 12, 03/ - European Bank
for Reconstruction and Development (EBRD) acquired 25 per cent stake in
the Kyrgyz Republic's Ineximbank through $1.4 million investment, EBRD
reported.
"Banking sector in Kyrgyzstan is significantly less developed than in
Kazakhstan,... (but) presents very good opportunities for investments", - the
EBRD's director on Central Asian region Michael Davey said at press
conference on Wednesday.
This deal became the first EBRD's acquisition in the banking sector of
Kyrgyzstan.
EBRD also plans to give Ineximbank loans for the development of small and
medium enterprises and trade finance for $4.0 m.
Kazakhstan Temirbank's stake in Ineximbank amounts to 46 per cent, the
rest 29 per cent belongs to founder and the bank's chairman of supervisory
board Daniyar Usenov. The Chief Executive officer of Temirbank Oleg
Kononenko said at press conference that in future TuranAlem bank, the
second largest bank in Kazakhstan, is also likely to become Ineximbank's
shareholder.
"We've got highly pronounced interest from the side of TuranAlem bank to
participate in capital (of Ineximbank)", - Kononenko said.
According to him, a decision on selling a stake in Kyrgyz bank to TuranAlem
bank may be adopted in the end of 2004.
The largest in Kazakhstan Kazkommertsbank acquired in the end of 2002
the controlling stake in Kyrgyz Avto Bank, and which was reorganized in a
form of daughter bank. Major Kazakhstan bank ATFBank has also
expressed its interest in acquiring a stake in Kyrgyz bank.
Ineximbank with assets of SOM376 million (nearly $8.2 m) and capital of
SOM100 m (nearly 2.2 m) is the sixth largest bank in Kyrgyzstan.
EBRD's total volume of loans and investments in Kyrgyzstan equals to
approximately EUR140 m, 28 m of which falls at the stake of financial sector.
($1 = 41,8672 soms)
[2003-11-12]