Accumulative Pension Fund GRANTUM (Subsidiary of Kazkommertsbank) (Kazakhstan) announced Y2011 H1 performance results

Accumulative Pension Fund GRANTUM (Subsidiary of Kazkommertsbank) (Kazakhstan) announced Y2011 H1 performance resultsAccording to results of Y2011 H1, Accumulative Pension Fund GRANTUM (Subsidiary of Kazkommertsbank), continues positive trends of 2010, traditionally retaining positions on growth of pension assets and the number of depositors, remains an absolute leader on the size of average pension capital per depositor, and strengthened positions, having taken the fourth place on the size of pension assets among 12 Accumulative Pension Funds.

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Kazakhstan Temir Zholy and Kazkommertsbank present an innovative new product for the convenience of their clients

Kazakhstan Temir Zholy and Kazkommertsbank present an innovative new product for the convenience of their clientsThe national company Kazakhstan Temir Zholy and Kazkommertsbank have undertaken an innovative new project to implement a computerized system for cargo transportation orders. Soon it will be possible to specify logistics and make and pay for cargo transportation orders online.

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Ablyazov’s many faces keep haunting Kazakh banks

Ablyazov’s many faces keep haunting Kazakh banksMukhtar Ablyazov, whose name pops up in numerous cases of asset stripping, fake loans and investments, forgery, cash embezzlement and related infringements all but around the globe stretching from Kazakhstan to Latvia, from Siberia to Ukraine (where a supposedly related murder case is under dragging investigation) and from Kyrgyzstan to the UK, has started to feel the heat increasing in his place of exile in a London suburb, with the warrant for the arrest issued by a British court of law of one of his closest associates. For Kazakh banks, though, the intensifying hunt for the country’s champion business hooligan is becoming a quest of despair, as the absence of a chance to recover at least some of the many billions “disappeared” during the years Ablyazov was a major co-owner and president of the one-time largest bank of Kazakhstan BTA

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Mukhtar Ablyazov’s united kingdom: a tale of four files/III

Mukhtar Ablyazov’s united kingdom: a tale of four files/IIIFour cases are currently pending at the High Court of London concerning the freezing of assets belonging to entities under control of former BTA Bank head Mukhtar Ablyazov and a number of associates who have seen their accounts frozen (but for some generous pocket money) and their passports taken. The first one, dubbed the Chrysopa case, leads to The Netherlands.

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Fitch upgrades ratings of Halyk Savings Bank of Kazakhstan, affirms those of Kazkommertsbank, ATFBank, Bank CenterCredit and Kaspi Bank

Fitch upgrades ratings of Halyk Savings Bank of Kazakhstan, affirms those of Kazkommertsbank, ATFBank, Bank CenterCredit and Kaspi BankFitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of Halyk Bank of Kazakhstan to ‘BB-‘ from ‘B+’ and affirmed the IDRs of four other Kazakh banks, namely Kazkommertsbank (KKB), ATF Bank, Bank Centercredit (BCC) and Kaspi Bank. At the same time, Fitch has affirmed the ratings of the Russian subsidiaries of BCC and KKB. A full rating breakdown is provided at the end of this comment.

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Samruk Kazyna’s subsidiaries to issue Initial Public Offerings in March

Samruk Kazyna’s subsidiaries to issue Initial Public Offerings in MarchKazakhstan’s Minister of Finance Bolat Zhamishev announced that in March national companies will begin issuing stocks in the domestic market. While it is still unknown what companies will issue the first public shares, they, according to Mr. Zhamishev, are “definitely” going public. The subject of the phased IPO process will be the subsidiary companies of the Samruk Kazyna Sovereign Wealth Fund. The initial public offering of state companies will be minority stakes, up to 10%.

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S&P affirms Eurasian Bank (Kazakhstan) credit ratings at “B/B”, revised the national scale rating from “kzBB” to “kzBB+”, outlook “Stable”

S&P affirms Eurasian Bank (Kazakhstan) credit ratings at "B/B", revised the national scale rating from "kzBB" to "kzBB+", outlook "Stable"Standard & Poor’s Ratings Services said today it revised its outlook on Kazakhstan-based JSC Eurasian Bank to stable from negative. At the same time, the ‘B/B’ long- and short-term counterparty credit ratings on the bank were affirmed. The national scale rating was raised to kzBB+’ from ‘kzBB’.

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