Kazakhstan bank TuranAlem in regions of Russia and CIS countries

/REUTERS, Almaty, June 17, 04/ - TuranAlem, the second by the size bank in Kazakhstan, where financial sector is divided into spheres of influence, informed about its plans of further expansion in Russian and about coming to CIS states' markets. On Wednesday the bank signed agreement about cooperation with the government of Russian region Mordovia, and before it announced about its plans to open representatives in Kazan and Yekaterinburg before the end of the year. Later on the bank wants to open representatives in Saint Petersburg and in Saransk. In Moscow TuranAlem is interested in bank Slavinvest, which it partially owns. Besides, offices of TuranAlem will be opened in the capitals of Kyrgizia, Tajikistan, Moldavia, Byelorussia, Georgia, Azerbaijan, Armenia and Uzbekistan. Kazakhstan bank has not notified in the press-release how much money it intends to invest into expansion of the network and crediting of foreign clients having just mentioned it is going to give more than $50 m. to car-building company of Mordovia and participate in foundation of "high-performance steel complex" in the region. Bank's representatives were unavailable first for detailed comments. Major competitor of TuranAlem, the biggest Kazakhstan bank - Kazkommertsbank - is also actively working at Russian market. In particular, it together with daughter Moskommertsbank has given to mobile communication operator Megafon and metallurgical giant EvrazHOlding credits $30 m. to each. The third by the size bank of Kazakhstan - Narodniy (Halyk) - also recently bought a Khlebniy bank in Chelyabinsk oblast and wants to move it to Moscow. [2004-06-17]