Bank CenterCredit JSC (Kazakhstan) borrows a $50 m. syndicated loan

/IRBIS, Natalya Kuznetsova, March 2, 05/ - Bank CenterCredit JSC (Almaty, bank), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread press-release saying on February 28 of 2005 Bank had signed a credit agreement with foreign banks syndicate for $50 m. First Bank planned to borrow $20 m., but after the successful main stage of syndication amount of borrowed funds was increased up to $50 m. The message says this loan was borrowed for 12 months with the option for prolongation for the next 12 months at LIBOR +2.20% APR. The staff of the syndicate, including the organizer HSH Nordbank AG, comprises 21 foreign financial institutions. It's planned to use the borrowed funds for pre-export financing of contracts of Bank's clients. Bank CenterCredit JSC in 2004 its net profit grew 1.9 times in comparison with 2003 up to KZT2.4 bn. Interest income grew 1.7 times in comparison with the previous year to KZT12.8 bn. mainly due to growth of interest incomes on loan portfolio. Bank's assets grew in 2004 by 80% to KZT148.5 bn. Loan portfolio totaled KZT94.0 bn. and grew by 77%. Equity capital grew by 64% and as of January 1 of 2005 was equal to KZT17.6 bn. According to the data of "The Banker" journal Bank takes the 7th position in the rating of 50 most rapidly growing banks in emerging economics countries. Bank is one of five Kazakhstan largest banks. As of January 1 of 2005 bank had 19 branches and 97 cash-settlement offices in Kazakhstan. Bank has "Ва1" long-term rating on bank deposits in foreign currency assigned by Moody's Investors Service Inc. and "B+" assigned by Fitch Ratings Ltd. [2005-03-02]