Bank TuranAlem (Kazakhstan) prepares eurobonds in the beginning of 2004

/REUTERS, Almaty, Olzhas Auyezov, December 22, 03/ - The second largest bank in Kazakhstan - TuranAlem - plans to issue eurobonds for $200-500 m for seven to ten years in the first of beginning of the second quarter of 2004, the representative of the bank said to REUTERS. We are conducting bids for a lead manager. Tomorrow but not today we will announce the results. We are planning for 7 to 10 years, depending on market conditions", - Sadvakas Mameshtegi, vice president of TuranAlem said. The eurobond issue is subject to approval at bank's shareholders meeting, which will take place on January 15, 2004. In May 2004 TuranAlem floated its seven-year eurobonds for $225 mn. Bank's management expects that bank's assets by the end of 2003 will either amount or exceed $2.5 bn, shareholder's equity will amount to $330 mn. Bank's shareholders include its management, as well as possessing its preferred shares European Bank for Reconstruction and Development and Austrian Raiffeisen Zentralbank. Both has interests in bank's capital equal to 4.3 and 9.4 percent correspondingly as of October 1, 2002. [2003-12-22]