Kazakh TuranAlem plans $3 bln bond issues -exchange

Kazakh bank TuranAlem <BTAS.KZ> will ask shareholders to approve a three-year programme of eurobond issues worth $3 billion next month, the Kazakh stock exchange said on Wednesday.

"Votes will be counted on Sept. 15," the exchange said in a regulatory announcement. It said the eurobond issues would be carried out under the Euro Medium Term Notes Program.

The bank did not immediately comment on the stock exchange announcement.

TurnanAlem, the Central Asian state's second biggest bank which is expanding into other former Soviet states, had earlier announced that it planned to borrow a billion dollars every year until 2008 as part of its ambitious growth strategy.

All Kazakh banks have stepped up eurobond issues, partly due to a booming domestic economy, fuelled by growing oil production, and a strong local tenge currency.

International ratings agencies say that although risks are growing, the foreign debts of Kazakh banks are still manageable.