Project description
and objectives:
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EBRD will invest up to KZT 3.6 billion (USD 27.5 million equivalent) to
maintain its pro-rata voting rights by subscribing new shares in two tranches
in the context of capital increases. The proceeds from these capital increases
will be used to support asset growth and upgrade of operational structures.
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Transition impact:
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The capital increase reinforces the objectives of the original EBRD
investment. The proposed investment is the first step towards the
implementation of a capital restructuring exercise. EBRD is the only large
international investor in KKB, therefore its participation in this capital
increase and maintenance of its voting rights shows continued support to the
bank’s management and their business plan.
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The client:
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Kazkommertsbank (“KKB”), the longest standing EBRD client in Kazakhstan. KKB
is the largest bank in Kazakhstan with total assets of USD 5.4 billion and
total BIS Tier 1+2 capital of USD 670.7 million (IFRS) at year-end 2004. KKB
has long-term ratings of BB- from Standard & Poor’s, Baa2 from Moody’s and BB
from Fitch.
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EBRD finance:
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Acquisition of ordinary voting registered shares for up to KZT 3.6 billion
(USD 27.5 million equivalent).
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Total project cost:
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KZT 23.8 billion (USD 183.3 million equivalent).
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Environmental impact:
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KKB is already implementing the Bank’s Environmental Procedures for Local
Banks including the Exclusion and Referral List across all its operations. KKB
will continue to apply EBRD’s Environmental Procedures for local banks for all
of its activities. KKB's clients will be required to comply with, at a
minimum, Kazakh environment, health and safety regulations and standards.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Olzhas Sartayev, Investor Relations
Phone: +7 3272 585 111
Fax: +7 3272 585 242
e-mail: Osartayev@kkb.kz
www.kkb.kz
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EBRD contact:
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Andrew Ostaszewski, Operation Leader: ostaszea@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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