The European Bank for Reconstruction and Development bought 15 percent of Kazakhstan's largest bank, Kazkommertsbank (KKGB.KZ) on Friday, and the bank said it was looking to list on the New York Stock Exchange
Published:
7 June 2003 y., Saturday
The deal, worth $30.6 million and signed by EBRD President Jean Lemierre with Kazkommertsbank chairman Nurzhan Subkhanberdin, is the EBRD's first direct investment into Kazakhstan's banking sector.
Kazkommerts said in a statement it was the EBRD's first purchase of voting shares in any bank in the Commonwealth of Independent States, a loose collection of 12 ex-Soviet republics.
Kazakhstan, a vast former Soviet Central Asian state five times the size of France but with a population of just 15 million, has the most successful economy in the region, and the most advanced banking sector.
"This country has a very good banking sector," Lemierre said at the signing ceremony. "If we are now a shareholder in Kazkommertsbank it's because we trust with full confidence the management of the bank."
Šaltinis:
story.news.yahoo.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Parliament's proposal for its own operational budget for 2011 includes the financing of measures in preparation for enlargement with Croatia.
more »
Links between business and the academic world need to be strengthened but higher education institutions must retain their autonomy and public support, says a resolution adopted on Thursday by the European Parliament.
more »
The Spanish Minister of Economy and Finance, Elena Salgado, will present the additional fiscal tightening measures set out by the Spanish Government to her eurozone (Eurogroup) counterparts on Monday; the measures were required by Spain’s European partners as a condition of approving the plan to bolster the euro on 9 May.
more »
The European Commission has opened an in-depth investigation under EU State aid rules into capital injections destined to two subsidiaries of state owned company Elan Skupina in Slovenia.
more »
GDP growth in the EU expected to gradually pick up, though recovery less robust than past upturns.
more »
The EESC tabled its opinion on the regulation of alternative investment funds, such as hedge funds and private funds. Although endorsing the much debated proposal of the European Commission, the EESC calls for uniform risk data provision for all such funds and emphasizes their responsibility in triggering the crisis.
more »
Concluding the process and deciding on the schedule for releasing the funds agreed on for Greece, as well as examining and learning lessons from the crisis for the governance of the eurozone, will be the focus of the discussions of the heads of state and government at the meeting in Brussels this Friday.
more »
The EU pavilion at the world expo in Shanghai marks the first time the EU has presented itself to a large Chinese audience.
more »
Shanghai's World Expo offers visitors plenty of fun offering bizarre things to do at over 200 pavillions competing for attention.
more »
The European Investment Bank (EIB) is providing a loan of EUR 150 million to MVM Zrt. for the capacity increase and the extension of a high-voltage transmission network, partly constituting priority axes of the Trans-European Energy Network (TEN-E) in Hungary.
more »