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Bank TuranAlem acquired majority ownership in Ineximbank

22.11.2007 / Press-service

On November 19, 2007 Bank TuranAlem JSC (BTA) finalized an acquisition of a controlling stake in Investment Export Import Bank CJSC (Ineximbank, Kyrgyzstan) from its own subsidiary Temirbank JSC paying more than USD20.3 million for the stake.

Kazakhstan Financial Supervision Agency and the National Bank of Kyrgyzstan have cleared this transaction of BTA.

As a result of the deal with Temirbank and Temirbank exercise of its rights under an option agreement with the EBRD, BTA has acquired nearly a 71% stake in the Kyrgyz bank.

This takeover is a next step for BTA to achieve its strategic plans of a banking conglomerate striving after leading positions on all markets it operates on.

"We are planning to fortify our position in Kyrgyzstan focusing on creation of efficient business, which will enable us to provide our clients with high quality services," chairman of BTA board of directors Mukhtar Ablyazov highlighted.

Bank TuranAlem JSC (BTA) is among largest banks and leader in creation of banking network within. According to tentative data, BTA consolidated assets soared by 47.4% over the first nine months of the year making USD24 087 million as of October 1, 2007, capital rose by 2.4 times to reach USD3 614 million. BTA cleared USD487 million profit as of the reporting date, a double increase year-on-year.

BTA operating in the CIS and far-abroad countries is expanding into the CIS. Activities of its strategic bank partners cover Ukraine, 4 regions in Russia, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA also runs its representative offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA chain embraces 22 branches and 260 cash settlement units.

Respectable Itogi magazine named Bank TuranAlem "Bank of the Year 2006." Meanwhile, Euromoney declared BTA as "Best Bank in Central Asia 2007". BTA also appears in the Banker’s TOP 300 and ranks the third in its Highest Movers rating. The Europe Business Assembly (EBA, Oxford, UK) has named BTA ‘the Best Enterprise of Europe’ in the Eurasian banking sector.


Currently, BTA subsidiary Temirbank JSC is among seven biggest banks in Kazakhstan by assets reaching USD2.7 billion as of November 1, 2007.

Temirbank cleared USD62 million profit in January-October 2007. Its equity capital totaled USD438 ml as of the reporting date.

Presently, Temirbank has the following ratings: Long-Term ВВ-, Short-Term В, Individual D\E, Support Rating 3, Stable Outlook from Fitch; Long-Term Deposit Ratings Ва1, Short-Term N\P, Bank Financial Strength Rating Е+, Stable Outlook from Moody's; long-term В+, short-term В, national scale rating KzBBB+, Stable Outlook from Standard & Poor's.


Ineximbank CJSC ranks the second biggest bank in Kyrgyzstan by assets. As of November 1, 2007 it had USD126 million assets, a swell of 23% from early 2007.

The loan book of Ineximbank accounts for 70% of its total assets, which is USD88 million, the highest in Kyrgyzstan. Its loan book soared by 92% in the year to October.

Customer deposits as of the check date exceed USD64 million, a 47% jump. Net income as of the key date reached USD3 million. Shareholder equity totaled USD13.7 million, total capital made USD19.3 million.

Euromoney named Ineximbank "the Best Bank of the Year in Kyrgyzstan."