EBRD plans to purchase new shares of bank TuranAlem (Kazakhstan)

/IRBIS, December 8, 04/ - Information below is translated abstract of REUTERS news. European Bank for Reconstruction and Development plans to acquire new common (voting) shares of additional emission of bank TuranAlem, the second largest bank in Kazakhstan, information in EBRD site www.ebrd.org says. EBRD, IFC from the group of World bank, Raiffeisen Zentralbank, German DEG and Holland FMO now possess approximately 25% of TuranAlem shares, but in the form of preference shares. TuranAlem plans in 2004-2005 to float, mainly among their shareholders, common and preference shares for total amount of USD100 m. Head of the bank Yerzhan Tatishev informed before, that Raiffeisen Zentralbank was interested in increasing of its stake. "Investments of EBRD will support strategy of bank TuranAlem on expansion of its activity at growing Kazakhstan market and in CIS countries", - EBRD project description says, where volume of shares purchase is not given. Plans for investments in capital should be approved by the board of directors of EBRD, which will consider them on December 14. EBRD also possesses 15% of Kazkommertsbank shares, the largest bank in Kazakhstan. [2004-12-08]