The proposed project is an equity investment for the purchase of up to 25% of the capital of Inexim Bank (IB) in the Kyrgyz Republic through participation in the planned capital increase. The Bank will invest alongside Temir Bank Kazakhstan (the Sponsor), which will acquire a 46% stake in Inexim Bank through the acquisition of existing shares and participation in the capital increase.
The project is intended to (i) support Inexim Bank's capitalisation and further growth and development of its retail and SME operations; (ii) assist Inexim Bank's institutional building and strengthening of corporate governance; and (iii) promote regional co-operation between Kazakh and Kyrgyz banks.
The EBRD's and Temir Bank's investment in Inexim Bank are expected to send a message to the market and international investors in the country about the potential of the local economy and banking sector. The investment by Temir is one of the first cross-border banking acquisitions in Central Asia fostering regional co-operation. The project will also provide indirect term financing to Kyrgyz companies, mostly SMEs, which are otherwise severely restricted in their access to term finance.
Inexim Bank is the sixth largest Kyrgyz Bank with assets of KGS 376 million ($8.2 million) and capital of KGS 100 million ($2.2 million) at 2002 year-end. The bank operates mostly through its head office in Bishkek, the capital of the Kyrgyz Republic, and a recently opened branch in Osh, the second largest city in the country. Inexim Bank is focusing on providing a wide range of products to its customers and finds its strongest niche in the retail and SME segments.
Up to KGS 57.5 million equity investment.
KGS 130 million approximately, which includes Temir Bank's investment in IB's capital increase.
Inexim Bank will continue to carry out its operations in accordance with EBRD's Environmental Procedures for Local Banks across the full range of its operations. In implementing these procedures, Inexim Bank requires its borrowers to comply, at a minimum, with national health, safety and environmental requirements.
Ruslan Boronbaev, Deputy Chairman of the Board
57, K.Akiev str
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