/UPDATED/ Kazkommertsbank borrowed $400 m. loan, will borrow $610 m. more in 2005

/REUTERS, Almaty, Tatyana Seroshtanova, August 26, 05/ - Kazakhstan's biggest bank Kazkommerts informed on Friday about attraction of syndicated loan in the amount $400 m. and about plans to borrow $610 more till the end of the year. Organizer of the loan, issued at LIBOR +0.65 percent for one-year term, was Citigroup. Loan is taken for trade finance, Kazkommertsbank managing director Andrey Timchenko informed Reuters. Initially the bank planned to take loan for $150 m., but in process of syndication increased loan to $400 m. Syndicate of borrowers includes Abu Dhabi Bank, ICICI Bank, MashreqBank psc, Mizuho Corporate Bank and UFJ. According to Timchenko, till the end of the year the bank intends to get one more syndicated loan. "At the end of the year we will redeem big loan for $610 m... We will organize new syndicated loan in order to replace", he said. In May Kazkommerts informed about plans to borrow in 2005-2006 up to $1.5 bn. Net profit of Kazkommertsbank as on June 30, 2005 grew to KZT10.139 bn. ($77.3 m.), bank's assets equaled to KZT761.952 bn., shareholders equity - 78.518 bn. ($1=KZT135.38) [2005-08-26]