JSC Kazkommertsbank – KKB signed agreement with Exim Bank of Korea

December 23. Finance News. Almaty

JSC Kazkommertsbank - KKB signed agreement with Exim Bank of KoreaKazkommertsbank, one of the largest banks in Kazakhstan and Central Asia (Other OTC: CSRUF.PK – news) , and Export-Import Bank of Korea (hereinafter “Exim Bank of Korea”) have signed a bilateral loan agreement for US$30 million to finance import of goods and services from the Republic of Korea. Under the terms of the agreement, Exim Bank of Korea is to open a two-year revolving credit line for Kazkommertsbank.

“We have been successfully cooperating with Exim Bank of Korea for long time and we are pleased to close another transaction, which is already in high demand with our clients”, said Sergey Mokroussov, Managing Director of Kazkommertsbank.

Export-Import Bank of Korea is a special-purpose financial institution established in 1976 to provide wide range of export credit products, project and trade financing to develop national economy and strengthen economic cooperation.

Kazkommertsbank (KKB) is one of the largest banks in Kazakhstan and Central Asia with total assets of KZT 2,673.8 billion (US$ 18.1 billion equivalent) at 30 September 2011.

In addition to its core banking business (retail and corporate) KKB has subsidiaries active in pension fund management, asset management, insurance and brokerage. KKB also has foreign subsidiaries in the Russian Federation, Kyrgyzstan and Tajikistan.

Major shareholders of Kazkommertsbank include Central Asian Investment Company and Chairman of the Board Mr. Nurzhan Subkhanberdin, Alnair Capital Holding, the Kazakh Government through the Samruk-Kazyna National Welfare Fund and the European Bank for Reconstruction and Development.

KKB’s predecessor, Medeu Bank, was founded in July 1990, and re-registered as Kazkommertsbank in October 1991. KKB completed an IPO in GDR form on the London Stock Exchange (LSE: LSE.L – news) in November (Stuttgart: A0Z24E – news) 2006, the first CIS (Taiwan OTC: 5864.TWO – news) bank to do so, in a deal totaling $845 million. The Bank’s shares are listed on the Kazakhstan Stock Exchange.