Manila, July 20, 2006 AEST (ABN Newswire) - Asian Development Bank (ASX: ATB) and Bank TuranAlem JSC (BTA) of Kazakhstan have signed a US$75 million five-year senior loan to help boost financing for small and medium-sized enterprises (SMEs) and retail banking in the country.
The loan represents ADB's second private sector financing without central government guarantee in Kazakhstan. On 15 June, ADB signed its first private sector loan to Kazakhstan for a $50 million five-year senior loan to JSC Alliance Bank, which is also meant to boost financing for SMEs.
BTA is a leading commercial bank in Kazakhstan offering a full range of traditional banking products and services. As of end-2005, BTA was the largest bank in Kazakhstan in terms of shareholders' equity (KZT91.9 billion) and second in terms of total assets (KZT963.7 billion). In addition, as of end-2005, BTA's total credit portfolio was KZT691.9 billion with total client deposits of 624.6 billion.
"This financing forms an important component of ADB's overall support for the financial sector in Kazakhstan," says Stephen Wermert, Country Director of ADB's Resident Mission in Kazakhstan. "ADB is also providing technical assistance to both the National Bank of Kazakhstan and the Agency for Regulation and Supervision of the Financial Markets and Financial Organization."
Contact
Graham Dwyer
Email: gdwyer@adb.org
Tel:+632 632 5253; +632 898 3413; Mobile: +63 920 938-6487
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