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First Kazakh-Georgian project to be finished next year.

21.02.2006

Reconstruction of Georgian Hotel "Iberia" in Tbilisi, financed by JSC "Bank TuranAlem", to be completed by summer 2007.

On February 14, Bank’s strategic partner in Georgia, "Silk Road Group" and Rezidor SAS Hospitality signed hotel operating agreement. According to this document, Rezidor SAS Hospitality one of the major companies in hotel operating business, will be managing Hotel "Iberia" after its renovation.

Official start of reconstruction works on the Hotel started on October 3, 2005, during visit of the President of Kazakhstan, Nursultan Nazarbayev to Georgia. Michael Saakashvili, President of Georgia, together with Nursultan Nazarbayev attended the ceremony and presented drafts for the new hotel. Mr.Nazarbayev expressed his hope that Georgian government will support other Kazakh investors, as the first company from Kazakhstan in Caucasus market, JSC "Bank TuranAlem".

Bank TuranAlem’ JSC - system-making bank of Kazakhstan, leading in creation of banking network on the territory of CIS. Bank’s assets exceed 7.2 billion USD; equity capital exceeds 800 million USD. Bank’s shareholders are the world largest institutions such as EBRD, RZB, IFC and FMO. In Kazakhstan the Bank confidently holds the leading position among the second-tier banks in the field of trade financing, SME loans and mortgage lending. Bank’s development strategy includes geographical diversification and the extension of the range of provided services, as well as stable dynamic growth.

In 2005, JSC "Bank TuranAlem" and Georgian "Silk Road Group" founded Kazakh-Georgian consortium for development of several business projects in Georgia. Largest of them are Kazakh-Georgian "BTA Silk Road Bank", reconstruction of hotel "Iberia" and Republic Square in Tbilisi.