Kazkommertsbank signed Cooperation Agreement with EximBank of Russia

11.04.2008

Taking into account EximBank’s state ownership and the subsequent focus on providing support and stimulation to the export of Russian capital goods, the signing of the Cooperation Agreement creates an opportunity for Kazkommertsbank’s clients to benefit from more favorable financing terms for their imports from Russia, and for projects realized in Kazakhstan with the involvement of Russian companies. In addition, benefits are expected in trade finance transactions with Russian counterparts, such as letter of credit confirmation and letter of guarantee issuance.

Commenting on today’s announcement, Andrey Timchenko, Managing Director of Kazkommertsbank, said: “I am confident that this agreement will be the beginning of a long-term and mutually beneficial cooperation with EximBank, in particular given the continued growth in the turnover between Kazakhstan and Russia, as well as the increasing demand for financing from Kazakh entrepreneurs working with Russian partners.”

EximBank of Russia is a bank-agent of the Government of Russian Federation responsible for the realization of the state policy for support and stimulating local exporters of capital goods. It finances, lends and guarantees transactions involving Russian export, export-oriented and import-substituting production. EximBank of Russia renders a full range of banking services to legal entities, including depositary services.

Kazkommertsbank is the largest financial institute in CIS (according to the ranking of Interfax agency) with total assets exceeding USD 24 billion according to audited statements as of January 1, 2008. At end-2006 Kazkommertsbank was the first bank in Kazakhstan to make an initial public offering (IPO) on the London Stock Exchange. The bank is the largest lender to the real sector of economy of Kazakhstan. In 2007 Global Finance magazine named Kazkommertsbank the ‘Best Foreign Exchange Provider in Kazakhstan’, based on the results of an annual survey.

Contact details:
Alfiya Aliyeva, Head of Structured Finance division, FI Department
+7 (727) 258-54-27, E-mail: AAliyeva@kkb.kz
Alexander Lyahov, Deputy Director of Public Relations Department
+7 (727) 258-53-92, E-mail: pr@kkb.kz