DUSHANBE, September 19, Asia-Plus - Joint-stock company “Kazkomertsbank”, which is Kazakhstan’s largest correspondent bank, makes preparations fro opening its representative office in Tajikistan.  

Rashid Saidov, the head of the “Kazkomertsbank” representative office in Dushanbe, said the bank plans to offer various products and services in Tajikistan.  They, in particular, plan to offer medium-sized and large Tajik and international companies trade and project financing, financing of investment projects, assets management, short-term crediting and other bank services.  

According to Saidov, Kazkomertsbank is the first private financial institute in Kazakhstan, and it stands in fourth place among the CIS banks in terms of assets, loan portfolio and profit.  “This bank has great potentials to credit any branch of Tajikistan’s economy,” Saidov said.    

“At present the bank is engaged in inter-bank crediting and provides loans to Tajik banks,” said the source, “Today, practically all branches of Tajikistan’s economy have needs in loans, and our bank is ready to get on this market.” 

Saidov also noted that Kazkomertsbank had already submitted all necessary registration documents to Tajikistan’s Ministry of Justice.  “We hope to receive permission for activity in Tajikistan within the next ten days,” Saidov said.  

NOTICE: Joint-stock company “Kazkomertsbank” was established in 1990 with headquarters in Almaty.  The banks assets calculated in accordance with standards of financial accounting have amounted to 1.95 trillions tenge (equivalent to US$8.9 billion) as of December 31, 2005.  The loan portfolio accounts for some 60 percent of this amount (5.4 billion U.S. dollars).  In 2005, the bank’s profit was US$154.7 million.  The own capital of Kazkomertsbank last year reached US$ 652.1 million.  As of July 1 2006, the bank has had 22 branches and 69 operation offices across Kazakhstan.  The bank also has affiliates in Kyrgyzstan (open joint-stock company “Kazkomertsbank: Kyrgyzstan”) and Russia (Moskomertsbank).