OREANDA-NEWS. May 25, 2010. Kazkommertsbank (“KKB” or the “Bank”), one of the largest banks in Kazakhstan and Central Asia, announces today the extension of the Government mortgage refinancing programme from the National Wealth Fund “Samruk-Kazyna” from June 1, 2010.  Under the agreement with the Fund, the Bank will accept applications from its clients to reduce interest rates on their mortgage loans from funds received from repayment of earlier refinanced mortgage loans, reported the press-centre of Kazkommertsbank.

Kazkommertsbank is continuing to implement its own mortgage refinancing programme for borrowers who prepaid for their apartments in the projects of Kuat Corporation.

Mr. Adil Batyrbekov, a member of the KKB Management Board and Head of Retail Risk Management, said:
“We see sustained demand for mortgage refinancing. The opportunity to use government funds will help to satisfy the demand and reduce the debt burden for the majority of our borrowers.”

Acceptance of new applications will begin in all branches of Kazkommertsbank on June 1, 2010. Kazkommertsbank will refinance mortgages depending on the availability of funds coming from scheduled or early repayments on earlier refinanced mortgages.

As of today, 6,000 clients are already paying considerably less on their mortgages each month thanks to Kazkommertsbank’s participation in the government refinancing programme. And additional 306 mortgages have become cheaper through Kazkommertsbank’s own mortgage refinancing programme.

Kazkommertsbank was chosen by the government of the Republic of Kazakhstan as one of its major partners in providing financial support for the domestic economy during the global financial crisis. The objective of the mortgage refinancing programme initiated by the National Wealth Fund “Samruk-Kazyna” is to decrease the impact of global financial crisis and Tenge devaluation on borrowers. Interest rates were decreased to 9% for public sector employees and 11% - for other borrowers.