OREANDA-NEWS. On February 07, 2007 Kazkommertsbank JSC (Almaty), being a listed company on Kazakhstan stock exchange (KASE), have spread a press release saying, reported the press-centre of KASE:

Kazkommertsbank JSC informs that on January 24 the National bank of Tajikistan licensed Kazkommertsbank Tajikistan CJSC - daughter company of Kazkommertsbank to conduct banking operations in the local and foreign currencies.

Just selected the Chairman of Board of Kazkommertsbank Tajikistan CJSC, Beybit Apsenbetov execuritve director of Kazkommertsbank comments this news: "The entry in Tajikistan of Kazkommertsbank and also the status of not a branch but a daughter bank means the highest degree of trust to those actions, undertaken by the governors of country to create stabile politic and economical climate. We are sure that following us, other banks and investments will come in the country, and this means higher ratings, and completely another attitude to the country and its companies".

With the opening of a daughter bank in Tajikistan, Kazkommertsbank is intended to offer to its clients in that republic actually all services that are technically possible to offer, however, in order to build the full-fledged product range of services taking into consideration all legislative requirements of the Republic of Tajikistan time is needed.

Acting chairman of the Board of Kazkommertsbank Tajikistan CJSC Rashid Saidov says: "Already in March-April of the current year, we are planning to start the work with corporate clients in the field of traditional banking servicing, including crediting, documented operations and other operational services. With the consideration of deficit of the long-term financing in the
country, we are ready to offer the long-term loans to the local market that would allow realizing the projects, related to creation of new productions and reconstruction of the existing ones. Later on, a step-by-step implementation of banking products for the clients of small-sized businesses and retail services are planned".

Let us remind you that in September 2007 Kazkommertsbank received the authorization for creation of a daughter organization in the Republic of Tajikistan from Agency of Republic of Kazakhstan for regulating and supervision over financial market and organizations (AFS). On December 11 of the same year, Kazkommertsbank informed of the state registration of Kazkommertsbank Tajikistan CJSC - daughter bank with 1005 participation of Kazkommertsbank by the Ministry of justice of the Republic of Tajikistan. The size of the authorized capital of Kazkommertsbank Tajikistan is equal to USD10 m.

AS of today, banking sector of the Republic of Kazakhstan is presented by nine commercial banks, one state bank and one branch of a foreign bank.