"Bank TuranAlem" JSC attracts DEG loan for USD 82 million11.01.2008 / Press-service
"Bank TuranAlem" JSC has entered into loan agreement with international organization DEG (Deutsche Investitions Und Entwicklungsgesellschaft MBH, Germany) to attract loan for USD 82 mln. The Bank is intended to apply attracted funds for financing SMB projects as well as retail loans, student’s and mortgage loans issue.
The loan shall be applied in two sub-loans. Sub-loan А for the purposes of SMB financing, retail business and student loan expansion shall comprise USD 41 mln. for 5 years period.
Equivalent amount will be provided within sub-loan B for 10 years period. These funds shall be applied for the purpose of mortgages financing.
The Bank has succeeded in attracting this loan in terms of its strategy to expand SMB projects financing as well as retail banking business. These sectors together with corporate sector are of high priority for BTA. As at October 01, 2007 SMB share in the bank’s loan portfolio amounted to 11%, and retail business – 23.5%. BTA is the leader among other commercial Kazakh banks on realizing student loan program. Bank’s share in this market segment at November 2007 amounted to 54.9%.
"DEG/KfW Transaction once again demonstrates interest and trust of international investors to Kazakhstan, in particular to BTA, despite recent adjustment in the financial markets", said Timur Sabyrbayev, Head of International Relations and Trade Finance Division of "Bank TuranAlem" JSC.